A new survey from property exchange platform PEXA has revealed that 97% of Australians buying or planning to buy property failed to spot key red flags in property transaction scam emails.
The findings come as PEXA releases its white paper, Safeguarding your Property Settlement: Awareness and Prevention of Scams, authored by chief information security officer Graham Fairley (pictured).
The report highlights settlement scams as one of the most financially devastating forms of cybercrime in Australia.
“Property transactions involve large sums, short time frames and routine reliance on email – the exact conditions that cybercriminals exploit,” Fairley said.
Fairley warned that criminals increasingly rely on social engineering rather than system hacking.
“Criminals know they don’t need to compromise systems – they just need to compromise trust,” he said.
“And these scams, typically executed via business email compromise, are using increasingly sophisticated measures to trick victims into sending large sums to the wrong bank by impersonating trusted parties in a transaction such as real estate agents, lawyers, or conveyancers.”
Scam emails often include small changes to addresses, misplaced punctuation, or urgent payment demands with altered bank details. Under the stress of property settlement, buyers and sellers may overlook these details.
Unlike fraudulent credit card charges, Fairley added, money lost in settlement scams is far harder to recover.
The PEXA findings also align with the latest Scamwatch data showing Australians reported more than 108,000 scams and $175 million in losses in the first half of 2025, with fake websites, social media and online ads increasingly used by criminals. Losses were up 26% on the same period last year, despite an overall drop in the number of scam reports.
PEXA has partnered with original Grand Designs Australia host and architect Peter Maddison, who now serves as the organisation’s scam awareness ambassador.
“As someone who's spent decades in property and architecture, I find these results deeply concerning,” Maddison said. “Property transactions are often the biggest financial decisions in people’s lives. When scammers strike during these critical moments, the consequences can be devastating.
“I’m partnering with PEXA to help Australians understand how they can protect their property dreams from these sophisticated scams.”
He urged consumers to stay alert: “Always follow the security guidance provided, such as using secure channels, double-checking any unsolicited or urgent email instructions for payment and always verifying any payment details.”
PEXA outlined key warning signs for buyers and sellers to watch for, including:
Recommended steps include:
Fairley emphasised that awareness and secure technology use are vital to preventing scams and protecting buyers from devastating losses.
Download the PEXA white paper for more information.
Get the hottest and freshest mortgage news delivered right into your inbox. Subscribe now to our FREE daily newsletter.
