REINSW lends support to minister's fraud warning
The Real Estate Institute of New South Wales is lending its voice to warnings from the New South Wales Minister for Fair Trading about the risk of property fraud.
After an ACT landlord's home was sold without his consent while he was overseas, NSW minister Matthew Mason-Cox advised real estate agents to remain aware of the risks of fraud.
“Identity fraud and scams are increasingly common throughout the community and the property industry is not immune to this criminal activity," said Mason-Cox.
“Once a fraudster has a target they will contact the managing agent, pretending to be the property owner, and request their address and contact details be changed, cutting the real owner out of future correspondence.
“Soon after this, the fraudsters are back in touch with the agent requesting the property be sold. The intention is that once the property is sold, the fraudsters intercept the settlement paperwork, steal even more of their victim’s identity and ultimately take the proceeds of the sale.”
NSW Fair Trading introduced guidelines for preventing fraud in real estate in 2012, including a proof of identity checklist for vendors.
Malcolm Gunning, president of the Real Estate Institute of New South Wales (REINSW), said the group supports NSW Fair Trading's guidelines.
“We take matters of fraud and fraud prevention very seriously,” said Gunning.
“At our recent roadshow events across NSW we spoke to over 1,000 members about possible identity fraud and the key signs to watch for, including requests for contact details to be changed.”
“We have instructed our members to be vigilant and take the guidelines seriously," Gunning said.
“We need co-operation from the public who should be aware that Real Estate professionals will ask them for identification, they should not be offended if an agent seeks extra documentation.
“The NSW Police or NSW Fair Trading should be contacted if identity fraud is suspected," he advised.
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