With the introduction of PEXA (Property Exchange Australia), there are additional risks with your conveyancing matter. It’s important to understand these risks before deciding whether to use the original paper system or the new PEXA system.
However, it is important to understand that with any settlement, in paper or PEXA, there are risks present.
To reduce the risk of online settlements, PEXA has a high level of security that includes multi-factor authentication and mandatory minimum requirements for passwords from registered users. They have also introduced a Residential Seller Guarantee.
Common sense and effective procedures on the part of the practitioner are paramount. The registered conveyancers at Hume Taylor & Co will ensure your safety by:
- Only accepting bank account details with verbal confirmation,
- Having virus scanner and email security software on their computer systems.
- Double checking account details before any electronic transfers are processed and also before any accounts or funds are authorised in PEXA.
- Ensuring all staff are notified of any potential spam.