Home New This Month Update: NAB recovers $400k for SA conveyancer scam victim

Update: NAB recovers $400k for SA conveyancer scam victim

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National Australia Bank (NAB) has taken quick action and cancelled a transaction that would have scammed one South Australian customer out of $400,000.

Last Thursday, we reported that cyber criminals posing as conveyancers had scammed two SA property buyers out of $900,000.

The scammers were allegedly intercepting emails and changing bank account details.

“The client then pays money into what they believe is the conveyancer’s trust account but unfortunately it’s an account owned and operated by the cyber criminal and the money goes there and unfortunately disappears,” Australian Institute of Conveyancers SA CEO, Rebecca Hayes, told ABC last week.

Hayes now says that swift action from NAB has stopped one of those transactions from going through.

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But unfortunately, the other victim remains out of pocket.

“One of the companies is not a member of the institute and we have no way of tracking the progress of recovering that money but there has been a success out of this for one of the victims,’’ Hayes said.

Hayes warned conveyancers, real estate agents and consumers to stay on their toes and verify any payment details with phone calls.

Source: The Advertiser