Our response to the recent e-conveyancing, PEXA breach
You may be aware of stories in the news recently in relation to a hacking situation involving conveyancing and the online conveyancing system, PEXA. In this instance, hackers broke into the emails of a conveyancer, accessed emails from PEXA and added themselves in the PEXA system as another user. The hackers were then able to have settlement funds transferred to their fraudulent account.
PEXA has advised us that this incident is an isolated one and that no new instances of such a fraud have been found. It says that its security team is currently undertaking detailed monitoring of all activity, checking for similar scenarios where passwords have been re-set in close succession among other things which may be considered ‘unusual’ behaviour. Most importantly, it has announced a consumer guarantee for transactions conducted on its platform and we welcome this initiative.
As frequent users of the PEXA system we have looked at this incident and assessed and reviewed our own system and policies to safeguard against the same type of breach happening to our clients. We feel comfortable that, due to our vigilance this situation will not happen to any of our clients, however please get in touch with us if you have any particular concerns about this issue that you would like to discuss with us further.