October is Cyber Security Action Month in Australia. Until last year it was known as Cyber Security Awareness Month, and this year’s theme is “Take a second. Stay secure.” Scammers rely on speed, pressure and distraction. Pausing to check before you act may be the simplest and most effective way to protect yourself.
When you engage a lawyer, you share some of your most sensitive information, such as your identity documents, your financial records and details about your family. In many matters, large sums of money also change hands. This article explains the one scam you most need to know about and the simple steps you can take to keep your money and your information safe.
Why you may be a target
It is easy to assume that scammers only go after big companies. The ACCC, Australia’s consumer watchdog, has reported that payment redirection scams most commonly target industries that regularly deal with large transfers of money, such as real estate, legal and construction. If you are buying or selling a property, finalising a property settlement after a separation or receiving an inheritance, you may be handling exactly the kind of payment scammers look for.
The scam to watch for — “our bank details have changed”
The most common and most costly scam in legal and property matters is payment redirection fraud, sometimes called business email compromise. A scammer gains access to a genuine email account, or sets up an address that looks almost identical to a real one. At a critical moment, you receive an email that appears to come from someone you trust, such as your lawyer, your real estate agent or the other party to the transaction, telling you that their bank details have changed.
The email may carry the correct logo, signature and reference number, and it may arrive in the middle of a genuine email conversation. If you reply to question the change, the scammer may answer with a convincing explanation. Once you transfer money to the new account, it is usually moved on quickly and can be very hard to recover.
Scam emails used to be easy to spot by their poor spelling and awkward wording. With artificial intelligence, scammers can now write polished, convincing emails in seconds and, in some cases, imitate a familiar voice over the phone. What matters now is not how a message looks, but whether you have checked it through a separate and trusted channel.
Take particular care when you are
- paying a deposit or the balance of a purchase price
- transferring money into a law firm’s trust account
- expecting to receive sale proceeds, a property settlement payment or an inheritance
- asked to act urgently or to keep a payment confidential.
Take a second before you pay
A few simple habits could make a real difference.
- Treat any request to change bank details as a warning sign. Stop and check before you act.
- Call to confirm the details, using a phone number you have found yourself, such as the number in your engagement letter or on the business’s official website. Never use a phone number or link from the email asking for payment.
- Be wary of any message that pressures you to pay immediately or asks you not to discuss the payment with anyone.
- Look closely at the sender’s full email address. Scammers often change a single letter or use a slightly different domain.
- For a large transfer, consider sending a small amount first and confirming by phone that it has arrived before you send the balance.
- Allow plenty of time for large transfers, so that you never feel rushed into skipping a check.
Protect your own email and devices
Many scams begin with a hacked personal email account, so protecting your own accounts matters just as much as checking the messages you receive. The Australian Government recommends four simple steps.
- Use a strong and unique passphrase for your email and online banking.
- Turn on multi-factor authentication wherever it is offered.
- Install software updates on your phone and computer promptly.
- Back up your important files regularly.
If you think you have been scammed
If you believe you may have sent money to a scammer, or that your accounts have been compromised, acting quickly may help limit the damage.
- Call your bank immediately. Use the phone number on your bank card or on your bank’s official website. The sooner you call, the better the chance of the payment being stopped or recovered.
- Call us, or the business involved, on a phone number you know to be genuine, so that steps can be taken to protect your matter.
- Report it. You can report a cybercrime through ReportCyber at cyber.gov.au/report, or call the Australian Cyber Security Hotline on 1300 CYBER1 (1300 292 371) at any time of day or night. You can also report scams to Scamwatch at scamwatch.gov.au to help warn others.
- Get identity support if you need it. If your personal or identity information may have been exposed, IDCARE is a free national identity and cyber support service that may be able to help. Visit idcare.org or call 1800 595 160.
- Secure your accounts. Change your passwords, turn on multi-factor authentication and keep copies of the emails, account details and payment receipts involved.
Take a second this October
Cyber security does not need to be complicated. In most cases, the most effective step is the one this year’s campaign encourages. Pause, check through a trusted channel, and only then act.
If you are in the middle of a property transaction, a family law settlement or an estate matter and you are unsure whether a request is genuine, please call us on (07) 2810 5666 before you pay. A short phone call could save you a great deal of money and stress.
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Disclaimer
This article is general information only and does not constitute legal advice under Australian law. For advice specific to your situation, please contact W & G Lawyers. For further details, please click here to view our disclaimer.