Lewis Pentelow never imagined a routine property settlement could turn into a financial nightmare, but a sophisticated phishing attack cost him $50,000 after scammers perfectly replicated an email from his conveyancer.
The criminals had detailed knowledge of his settlement timeline, making the fake request appear legitimate. Pentelow said he believed he was being cautious, but the attackers exploited the moment he was focused on confirming bank details, slipping into the process with alarming precision.
His case is one of many now emerging across Australia. Sydney‑based law firm Riverstone Partners, which supports real estate agents with tools for handling major payments and property transfers, says it has seen a sharp rise in settlement‑related fraud. The firm also provides low‑interest bridging finance, making it acutely aware of how easily a single error or scam can derail an entire transaction.
Gavin Youngman from Riverstone Partners said outdated practices remain widespread, with some agents still texting bank account details to buyers or reading them out over the phone. He noted that even a single mistyped digit can send funds to the wrong account, and such mistakes happen far more often than people realise.
The surge in scams, misappropriation and human error prompted the firm to launch a dedicated subsidiary, Agency Settlements, designed to manage payments on behalf of real estate agents. Youngman said the past year has exposed a clear gap in the market for safer, more controlled systems.
Their solution integrates directly with PEXA, the digital settlement platform used by conveyancers, lawyers and financial institutions nationwide. By shifting responsibility away from real estate agencies and into a secure legal workflow, the system aims to eliminate one of the most vulnerable points in the property‑transfer process.
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