PEXA (Property Exchange Australia) introduces multi-factor authentication to combat payment redirection fraud but leaves security concerns due to SIM swapping attacks.
This research report demonstrates how domain name abandonment poses a significant cyber threat to the legal profession and other businesses. This report also makes recommendations as to measures legal practices and other businesses can take to stop this threat.
The recent media reports of fraud against conveyancing practices suggest that professionals should be taking measures for protecting their businesses from cyber attacks. Cybercriminals primarily rely on an email-based attack know as phishing to help commit payment redirection fraud.