Protecting Your Deposit: How to Avoid Property Payment Scams
When you’re buying a property, transferring your deposit is one of the most important steps. Unfortunately, it’s also a stage where scammers are increasingly targeting home buyers.
Across Australia, there have been growing reports of cybercriminals intercepting deposit transfers to solicitors’ or conveyancers’ trust accounts. These scams often involve email fraud — where criminals hack into emails and send false account details to unsuspecting buyers. Once the money is transferred, it’s often impossible to recover.
At Haus of Loans, we want our clients in Wollongong and the Illawarra to feel confident and secure when making payments. That’s why we recommend avoiding manual transfers where possible — and instead giving your bank written authority to debit the correct account.
How the scams work
Scammers are becoming more sophisticated, and property buyers are a prime target. Common tactics include:
Email interception – Fraudsters hack into communication between a buyer and their solicitor/conveyancer and send fake bank account details for the deposit transfer.
Lookalike email addresses – They set up email addresses that appear almost identical to your solicitor’s, tricking buyers into believing instructions are genuine.
Last-minute changes – Buyers may be told at short notice that bank details have changed, creating urgency that leads to mistakes.
The result? Buyers unknowingly send their deposit — often hundreds of thousands of dollars — straight into a scammer’s account.
Why we recommend bank debit authority
Instead of transferring funds to a solicitor’s trust account, you can request your bank to debit your account directly and transfer funds safely to the correct trust account.
This step minimises the risk of human error and fraudulent account details. By authorising your bank in writing, you:
Ensure the payment goes to the verified account provided by your solicitor/conveyancer.
Avoid the dangers of manually typing in bank details.
Gain an extra layer of security with your bank’s internal verification processes.
Steps to keep your money safe
Whether you’re buying your first home in Wollongong or refinancing in the Illawarra, here are some best practices to protect your deposit:
✅ Always verify bank account details by phone – Call your solicitor or conveyancer using their official number before making any transfer.
✅ Be cautious of emails – Never trust last-minute changes to bank details received by email.
✅ Use bank debit authority – Ask your bank to handle the transfer directly, rather than processing it yourself.
✅ Set daily transfer limits – Keep your online banking limits lower than your deposit amount unless temporarily lifted by your bank.
✅ Act quickly if something seems wrong – Contact your bank immediately if you suspect money has gone to the wrong account.
Final thought
Buying a property is one of the biggest financial commitments you’ll ever make. Protecting your deposit should always be a top priority.
At Haus of Loans, we guide clients across Wollongong and the Illawarra through every stage of the finance process, including safe payment practices. If you’re preparing to buy, talk to us about the steps you can take to safeguard your deposit and borrow with confidence.
Get in touch today — your peace of mind is our priority.