As cyber fraud escalates across Australia's real estate sector, experts are calling for a shift to digital identity solutions to enhance transaction security and regulatory compliance, reports Security Brief Australia.
According to Andrew Black, managing director of ConnectID, the industry is increasingly targeted by cybercriminals using tactics such as email impersonation, payment redirection, and identity theft to exploit outdated verification methods and unstructured communications. In 2023 alone, Australians lost over USD $10 million to real estate payment scams, with broader business-related fraud losses exceeding $59 million. Black noted that "critical details like bank account numbers are still being sent via email," while identity checks often rely on vulnerable manual processes. Digital identity services, such as those offered by ConnectID, reduce data duplication, enable real-time verification, and help meet evolving obligations under the Digital ID Act 2024 and impending AML/CTF regulations. As regulatory scrutiny intensifies and scams grow more sophisticated, digital ID tools are becoming essential to safeguarding property transactions and restoring trust.
According to Andrew Black, managing director of ConnectID, the industry is increasingly targeted by cybercriminals using tactics such as email impersonation, payment redirection, and identity theft to exploit outdated verification methods and unstructured communications. In 2023 alone, Australians lost over USD $10 million to real estate payment scams, with broader business-related fraud losses exceeding $59 million. Black noted that "critical details like bank account numbers are still being sent via email," while identity checks often rely on vulnerable manual processes. Digital identity services, such as those offered by ConnectID, reduce data duplication, enable real-time verification, and help meet evolving obligations under the Digital ID Act 2024 and impending AML/CTF regulations. As regulatory scrutiny intensifies and scams grow more sophisticated, digital ID tools are becoming essential to safeguarding property transactions and restoring trust.
