Online conveyancing is fast becoming a popular method for Australian property transactions. Property Exchange Australia (PEXA) is currently the only electronic conveyancing platform available in Australia. With its unique service platform, PEXA enables you to handle all aspects of your conveyancing online.
Owned by state governments and some of Australia's biggest banks, PEXA is used to exchange thousands of property titles across the country. With faster turnaround times, it's no wonder more and more Australians are adopting this new method of conveyancing.
But is online conveyancing secure? Here's why you can feel secure:
- PEXA security measures have been upgraded
- Soon all property transactions will be done via electronic transactions
- Conveyancing.com is accredited with an ISO 9001 certification
- PEXA is partially owned by state governments and Australia's biggest banks
- Conveyancing.com is backed by property lawyers
But, like any online banking service, it really depends on the provider's security capabilities and the security measures put into practice by the users. Both the user and the provider must have the same dedication to security.
Unsure about using PEXA? Ask one of our online conveyancing lawyers for expert advice.
Is PEXA secure?
PEXA has received past criticism for its security measures. In June 2018, it was reported that two accounts were hacked and funds were hijacked. While this does put a dark cloud of uncertainty over the industry, conveyancing experts at Conveyancing.com assure all users that its own security systems are robust.
If PEXA security protocols are not followed correctly by a conveyancer, then it's likely your transactions will not be secure. So when it's time for you to choose an online conveyancer, consider how stringent their security measures are.
Conveyancing.com is run by lawyers who check and recheck every aspect of the online conveyancing process. Conveyancing.com's lawyers are experts in property law and are thoroughly trained in electronic conveyancing processes. They have the diligence to advise clients and avert any problems with their legal expertise.
New security measures for PEXA
In response to recent events, PEXA has vowed to increase security measures. Monitoring on all transactions has been increased to prevent any future fraudulent activity. PEXA also claims that all account activity that's classified as unusual is immediately flagged.
"We immediately increased our monitoring of potential unusual activity surrounding password resets, new user creations and changes to BSB and account numbers.
"While the PEXA system itself wasn’t compromised, we have also begun work developing additional alerts and processes to further enhance security in the system." - James Ruddock, Acting CEO, PEXA
PEXA is not the first online service to ever be hacked and it won't be the last. However, it acknowledges its level of accountability and is dedicated to finding a solution to the issue of online security.
Will I need to use PEXA in the near future?
By October 2018, PEXA will become mandatory for all property transactions in Victoria. Australia is also midway through transitioning from the 150-year-old Torrens title paper system of exchanging property to electronic certificates.
From October 2018, it will be compulsory for all Victorians to use an electronic service to exchange property. New South Wales will follow suit by July 2019.
Across Australia, thousands of land titles are now transacted and exchanged on PEXA's system. With the transition of paper documents to digital alternatives, it's only a matter of time until all aspects of conveyancing in Australia is conducted electronically.
Who can I count on for secure online conveyancing?
Conveyancing.com is dedicated to providing secure and seamless conveyancing services. All conveyancing is done by lawyers who provide skilled, experienced, and accurate advice.
The service conveyancing.com provides is accredited with an ISO 9001. This certification ensures all practices carried out are operated under strict quality management system requirements that are recognised globally.
The lawyers at Conveyancing.com already have extensive experience with using PEXA. So you can rest assured that your property transaction will be handled by property experts who know what they're doing.
Ready to try online conveyancing? Start by getting a free quote from Conveyancing.com.