Cybercrime on the Rise and a Booming Housing Market — Scam Guards

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A Sydney couple purchasing an investment property were scammed close to a million dollars in the final stages of settlement by way of an email pretending to be from their own lawyer.

The unsuspecting couple transferred the funds at the request of the impersonators, believing the payment necessary to finalise their ownership of the property.

It was only when the payment failed to appear in their lawyers bank account did they realise they had been swindled.

Only a small fragment of the funds have been recovered.

This scam is known as a business email compromise (BEC) scam.

BEC scams are an increasing and prevalent form of Cybercrime in Australia.

Cybercrime in Australia

Cybercrime refers to a range of criminal activity which involve computers and computer networks.

Crimes include fraud, identity theft, deal with proceeds crime, and stalking and intimidation.

The global economy’s dependence on information technology platforms has increased…

Read full article at scamguards.org