Scam Awareness Week 2024
As part of Scam Awareness Week, running from August 26 to 30, 2024, the real estate industry is urging both businesses and consumers to remain vigilant against fraudulent activities. This campaign is jointly spearheaded by the Australian Competition and Consumer Commission (ACCC) and the Australian Communications and Media Authority (ACMA) to raise awareness of the growing threats posed by scams.
Despite a 28% reduction in the number of reports to Scamwatch this year, the amount of money lost to scams has increased, suggesting that criminals are successfully targeting larger sums.
Real estate scams, in particular, are of significant concern due to the high value of transactions and the risks associated with “man-in-the-middle” attacks, where unauthorised third parties pose as legitimate entities to redirect funds, such as settlement payments or property bonds.
There have also been highly publicised incidents where criminals impersonated property owners, resulting in properties being sold without the knowledge or consent of the lawful owners.
M5 Industrial, takes fraud and scam prevention very seriously and have implemented stringent controls and measures to protect our clients, customers, and our operations.
Our efforts include:
Preventing Unauthorised Sales/Leases:
- Require all property owners to provide legal proof of identification before entering into any agency agreement.
- Verify the legal ownership of any individual entering into an agency agreement, ensuring that properties cannot be sold or leased without the express authorisation of the legal owner.
Preventing Impersonation and Unauthorised Changes:
- Require verbal confirmation of any requests to change bank details, ensuring that such requests are made directly by our clients and not by outside parties impersonating them.
- Use the contact information provided in the original executed agency agreement to maintain direct communication with the legal property owner.
- Refuse to respond to requests to change contact or bank details without first obtaining verbal confirmation from the client.
This year, Australians are encouraged to “Share a Story, Stop a Scam” as part of Scam Awareness Week, an annual initiative led by the National Anti-Scam Centre. Specifically, in the real estate sector, consumers are advised to take extra precautions, such as double-checking account details with their solicitor or property manager and verifying contact information independently.
If you have identified or encountered a scam, please report it to Scamwatch, and share your experience with others. By sharing your story, you may help prevent someone else from falling victim to a scam.
The ACCC and ACMA remind consumers to:
- Stop: Don’t provide money or personal information if you’re unsure. Say no, hang up, or delete the message.
- Check: Scammers often pose as trusted organisations like myGov, banks, or government agencies. If in doubt, contact the organization directly using official details you have verified independently.
- Report: The more we talk about scams, the less power scammers have.
If you have a story to share, please contribute to the conversation!
If you have any questions about our Fraud Prevention Guidelines or your property, please contact us on 1300 761 764.