Statistics from WonderNet reveal that in 2021, an average of 97 South Africans fell victim to cybercrime every hour.
“Unfortunately, the perpetrators of these online crimes are incredibly intelligent and are constantly updating their methods to make it harder to spot the difference between a legitimate and a fake communication or website.” Phishing is another type of cybercrime commonly experienced in the real estate sector. The term describes a cybercrime perpetrated by an individual or groups who contact potential victims posing as legitimate institutions to lure them into providing private data. This data includes banking and credit card details, passwords, or personal identification information.
“These types of crime commonly and easily occur when e-mail records between the agent, buyer, and the respective lawyers to whom the deposit is paid, are intercepted and , ‘phished’,” she said. “Many real estate agents and lawyers don’t have adequate security measures in place to safeguard a deposit from the risks of a sophisticated attack.
The bad news is that even when both real estate professionals and homebuyers follow cybersecurity best practice and are vigilant about suspicious activity, the possibility of human error remains.
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