As a property practitioner, you’re in the business of building trust and relationships. Your clients put their most valuable assets in your hands: their homes, investment properties, and businesses. This trust also extends to how you handle their personal information and financial data. But what happens when that is violated? Cybercrime is no longer a distant threat; it's a reality for many property practitioners, with over 50% sounding the alarm on cybercrime in a Prop Data poll. In the second part of our cybercrime series, read first-hand accounts of property practitioners who have had brushes with cybercriminals.
Hacked account becomes a social media nightmare
For most real estate agents, Facebook is a cornerstone of their digital marketing strategy. It's a platform for showcasing properties, connecting with clients, and building a brand. However, as Jeanne van Jaarsveldt, Head Office Franchise Manager at Jawitz Properties, discovered, this powerful tool can also be a double-edged sword.
“I had an attempted hacking of my account and ads were placed on my ad account with Meta,” he says. “The ads promoted a service in Hong Kong. In this instance, the Authenticator App made it impossible for hackers to get past the payment gateway, as the Authenticator App generated a new log-in verification 6–8 digit code that is only valid for 20 seconds.”
Cybercriminals cash in on a gift card scam
In another instance, Van Jaarsveldt says an SMS was masked and sent using his identity. It asked for help to buy iTunes gift cards under the false claim he needed assistance to make an urgent international call on FaceTime. The SMS leveraged his reputation, especially as a businessman who travels, to target family and friends who may be compelled to help him in a moment of trouble. Although an iTunes gift card is not used for communication services, these cybercriminals attempt to scam those who may not be tech-savvy.
Fake financial firm targets local property clients
For many South Africans, the prospect of investing promises financial freedom. Cybercriminals are acutely aware of this, and they've engineered sophisticated schemes to prey on this desire. Adam Barnard, Principal Property Practitioner at Harcourts Oudtshoorn, experienced one such company that targeted South African clients to invest in stocks and initial public offering (IPO) internationally.
“In the end, I reported them to FIC, INTERPOL, and all the countries they operate in. They are not registered in accordance with the Financial Advisory and Intermediary Services Act and I still haven’t had any resolution from any department in South Africa,” he says.
A narrow escape after a suspicious ‘bank’ call
As custodians of hard-earned money, most people place great faith in their bank’s security protocols. However, this trust can make clients vulnerable to shrewd scams designed to mimic the legitimate operations of financial institutions. Lesley Saunders, Head of Marketing at Broll Auctions and Sales, was thankfully wise enough to pick up on the scam.
“The scammer claimed he was phoning from my bank and said the bank was concerned as someone was attempting to cash a voucher from my card and we would need to block my card. He cited the first four digits of my bank card to try to add to the legitimacy of his call. I firstly didn’t recognise the phone number as that of my bank and secondly, in every interaction I have had with the bank (having previously stopped a bank card), they had never recited the first four digits of my bank card back to me. I am also aware that these digits are universal to every account holder at said bank
“He then tried to prompt me to supply my personal information such as my ID number as a bank would normally do. Thinking this was highly odd I simply said I’d go into the branch and stop my card in person. He did attempt to scare me into handing over my info to stop my card immediately but I refused and he hung up. I reported the incident and the phone number to my bank immediately – but it’s doubtful anything will come of it,” she shared.
How you can stay safe from cybercrimes
Learning from those on the front lines of cyber defence is essential. In part three of the cybercrime series, explore the cybersecurity protocols implemented by industry experts to mitigate risks and ensure data protection.