Perth real estate agent stops $500k cyber theft

Cyber thieves almost got away with pilfering $500,000 from a Perth real estate agency. Thanks to an employee, however, the company was able to foil the cyber theft just in time. The company would have been another victim of cyber theft that has targeted real estate agencies in the past three years.

The West Australian reports that cyber thieves gained access to the agency’s bank accounts through a malware downloaded into its computer system. The malware, which allowed the thieves to record keystrokes and bank log-in details, was able to infiltrate the system when a staff member opened an attachment or website link in a scam email.

Acting Commissioner for Consumer Protection David Hillyard said that the cyber theft was foiled when an employee noticed there was an unauthorised withdrawal of $500,000 the next morning. The employee contacted the bank right away, and the bank cancelled the withdrawal and returned the funds.

“A delay in reporting this loss and requesting stops be placed on the transfer could have resulted in the funds being in the hands of scammers and the agency facing a financial disaster,” Hillyard was quoted by the paper as saying.

“We commend the quick action that was taken, which robbed the scammers of a huge windfall from their criminal activities and maintained the agency’s financial integrity.” He added that the company was able to prevent the crime because it reconciles trust accounts daily. The business has since introduced a more secure connection to its bank.

“Two people are now required to independently enter their system-generated and unique passcode to jointly authorise all transfers of funds out of the trust account,” Hillyard said.

Two other real estate agencies have fallen victim to cyber theft in the past three years, losing $50,000 each.

In August, the Western Australia Police said it was investigating a local group suspected of stealing more than $150,000 through online fraud across WA and Tasmania. The group apparently used stolen credit cards to make online and mobile phone orders for different items and services, including cars, hotel rooms, clothes, and Uber and Shofer services.