PEXA has reported a spike in the number of Queensland PEXA members being targeted by phishing scams.
“In recent weeks, we’ve seen large sums of money fraudulently re-directed as a result of email phishing,” a PEXA statement said.
It said that it was critical to build cyber-secure steps into the overall settlement process.
“The use of email is strongly discouraged for exchanging bank account details – this is NOT a safe channel for the communication of sensitive information,” PEXA said.
“Instructing your client to provide their bank account details via email directly places you and your firm at significant risk of a cyber-attack.
“Subscribers are urged to verbally confirm bank account details with clients before entering them into the PEXA workspace.”
It recommended the use of secure, encrypted applications to communicate sensitive information with clients.
“If you suspect you’ve been targeted by a phishing attack or scam, it’s important to inform your relevant security contacts immediately. Acting fast ensures the best chance of recovery.”
Phishing refers to any fraudulent attempt to obtain sensitive information or data, such as usernames, passwords and credit card details, by disguising oneself as a trustworthy entity in an electronic communication.