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Fraud alert: How to protect your deposit as real estate scams surge
The discussion centres on a recent case in which a first-time buyer lost a $50,000 deposit after falling victim to a sophisticated phishing email impersonating a conveyancer.
Despite checking the details, the buyer was only able to recover a small portion of the funds, highlighting the devastating financial consequences of these schemes.
The hosts explain that scammers are increasingly drawn to property transactions due to the large sums involved and are using advanced technology to make fraudulent communications appear legitimate.
Another attempted scam involving a $1.2 million transfer was stopped by a bank, underscoring the critical role financial institutions play in fraud prevention.
Data showing Australians lost more than $334 million to scams in 2025 further illustrates the scale of the issue.
Croft urges buyers to verify all communications, use secure payment methods, enable two-factor authentication, and avoid acting on urgent requests until they are properly verified.
