Imagine saving for years to buy a home, only to have your settlement funds transferred to a scammer’s bank account days before settlement.
Unfortunately, this isn’t a hypothetical scenario. It has happened to Australian property buyers, often resulting in losses of hundreds of thousands of dollars. As scammers become increasingly sophisticated, even financially savvy people can be caught out. This week’s Scams Awareness Week is an important reminder that a few simple checks can make all the difference. [Scams-Awar…-Blog-Post | Word]
This week (24–28 August) is the ACCC’s National Anti-Scam Centre’s Scams Awareness Week, running under the theme“No one’s just a number.” The campaign is designed to encourage Australians to talk openly about scams, how they work, who they target, and how to respond if something doesn’t seem right. Behind every scam statistic is a real person, family, or business dealing with the financial and emotional consequences. [Scams-Awar…-Blog-Post | Word]
At Fox Mortgage Services, we help WA families navigate some of the biggest financial decisions they’ll ever make. With large sums of money often changing hands during property purchases, refinances and settlements, the property sector remains an attractive target for scammers. As part of Scams Awareness Week, we’re highlighting the scam types causing the greatest harm to Australians and explaining why every Perth home buyer should understand the risks of settlement scams. [Scams-Awar…-Blog-Post | Word]
The Scale of the Problem
The ACCC’s figures show why scam awareness remains so important. During the first half of 2026, Australians reported losing more than $551 million to scams from over 122,000 reports. While the total number of reports has fallen, the average amount lost per victim continues to rise, suggesting scammers are becoming more targeted, sophisticated and convincing. [Scams-Awar…-Blog-Post | Word]
Some communities are also being disproportionately affected. Reports involving financial loss have increased significantly among people who speak English as a second language and among First Nations Australians. That’s one reason this year’s “No one’s just a number” campaign focuses on ensuring every Australian community has access to scam awareness information. [Scams-Awar…-Blog-Post | Word]
Common Scam Types Affecting Australians
The National Anti-Scam Centre continues to identify several scam categories that cause substantial financial harm:
- Investment scams involving fake trading platforms, cryptocurrency schemes and promises of “guaranteed” returns.
- Romance scams, where criminals spend weeks or months building trust before requesting money.
- Phishing and impersonation scams, including emails and text messages pretending to be from banks, Australia Post, the ATO or government agencies.
- Job and remote work scams, which often promise easy income before requesting upfront payments or personal information.
- Payment redirection scams, also known as business email compromise scams, where criminals redirect legitimate payments to fraudulent accounts. This is particularly relevant for property transactions. [Scams-Awar…-Blog-Post | Word]
Settlement Scams: A Growing Threat to Perth Home Buyers
As mortgage brokers, this is the scam category we believe deserves special attention.
A settlement scam typically occurs when criminals impersonate a trusted party involved in a property transaction, such as a conveyancer, solicitor, real estate agent or broker. Their goal is simple: convince a buyer or seller to transfer funds into a fraudulent account.
The typical pattern looks like this:
- You’re in the middle of purchasing or selling a property.
- A scammer gains access to communications or creates an email address that closely resembles a legitimate one.
- You receive what appears to be a genuine email advising that payment details have changed.
- The message often arrives shortly before settlement, creating a sense of urgency and pressure.
- Funds are transferred to the scammer’s account instead of the intended trust account. [Scams-Awar…-Blog-Post | Word]
A common example is a buyer receiving an email that appears to come from their conveyancer advising that the trust account details have changed. The email may include the correct property address, names and transaction details, making it look entirely genuine. Without verifying the change by phone, the buyer transfers their deposit or settlement funds directly to a criminal.
By the time the fraud is discovered, the money may have already moved through multiple accounts and become extremely difficult to recover. Losses of hundreds of thousands of dollars in a single property transaction have occurred across Australia. [Scams-Awar…-Blog-Post | Word]
Stop. Check. Protect.
The ACCC’s simple three-step framework is worth applying to any unexpected email, text message or phone call involving money or personal information.
STOP
Pause before clicking links, sharing information or sending money. Scammers rely on urgency and emotional pressure to bypass rational decision-making. [Scams-Awar…-Blog-Post | Word]
CHECK
Verify requests independently. Never rely on contact details provided in the suspicious message. Use a phone number or website you’ve sourced yourself. [Scams-Awar…-Blog-Post | Word]
PROTECT
If you’ve transferred money or shared personal information, contact your bank immediately and report the incident to Scamwatch and, where appropriate, the police. [Scams-Awar…-Blog-Post | Word]
Practical Habits Worth Building
Whether you’re buying a first home, refinancing or investing, these habits can significantly reduce your risk:
- Verify any request to change payment details by phone before transferring funds.
- Carefully check email addresses and domains for small spelling changes or unusual characters.
- Treat urgency as a warning sign rather than a reason to act quickly.
- Use secure platforms such as PEXA Key or your conveyancer’s secure portal whenever available.
- Discuss suspicious communications with a family member, professional adviser or trusted friend before taking action. [Scams-Awar…-Blog-Post | Word]
Settlement Scam Checklist ✅
Before transferring any property-related funds:
- Confirm bank details by phone.
- Never rely solely on emailed payment instructions.
- Double-check email addresses carefully.
- Question any last-minute change to payment details.
- Use secure information-sharing platforms when available.
- Contact your broker, conveyancer or solicitor if anything feels unusual.
A Reminder from Fox Mortgage Services
Scams Awareness Week is a timely reminder to slow down and double-check. Whether it’s an unexpected text from “your bank”, an email about an unpaid bill, or instructions relating to a property settlement, taking a few minutes to verify information can prevent a devastating financial loss. [Scams-Awar…-Blog-Post | Word]
If you’re buying, refinancing or settling on a property and receive an unexpected request involving money or banking details, contact Fox Mortgage Services before taking action. We’d much rather spend five minutes helping you verify a request than see a client become another scam statistic.
A quick phone call today could save years of regret tomorrow.
Frequently Asked Questions
What is a settlement scam?
A settlement scam occurs when criminals impersonate a trusted party involved in a property transaction and trick buyers or sellers into transferring funds to a fraudulent account.
How do I verify bank account details before settlement?
Always call your conveyancer, solicitor or broker using a trusted phone number and verbally confirm account details before transferring funds.
What should I do if I think I’ve been scammed?
Contact your bank immediately, report the incident to Scamwatch and notify any relevant authorities.
Are property buyers in Perth at risk?
Yes. Property settlement scams occur throughout Australia, including Western Australia, and often target transactions involving large transfers of money.
If you believe you’ve been targeted by a scam, report it at Scamwatch and contact your bank immediately.