Make sure your money is in the right hands when paying your deposit to conveyancing attorneys

The moment when you pay your hard-earned deposit into the conveyancing attorney's bank account can be a nerve-wracking moment! For many people, it's likely to be the biggest sum of money they have ever spent in one transaction. Unfortunately, with fraud on the rise and unscrupulous elements becoming cleverer at getting their hands on your hard-earned cash, it is necessary to practice extra caution when transacting online. As your #RealPartner in Real Estate, Jawitz Properties takes a closer look at the problem and provides surefire techniques to ensure that your money ends up where you need it to be.

Email hacking and its consequences

It would seem natural to assume that if you receive an email from your conveyancing attorney requesting payment and providing their banking details, then these banking details must be legitimate. Unfortunately, it has become possible for emails to be intercepted. In such cases, the interceptor can alter the document, conveniently switching the correct banking details for their own illegitimate ones. And unfortunately, if you pay the incorrect account, the conveyancers will not be able to assist you - and the purchase of your property will be in jeopardy. 

Two simple strategies for ensuring that you have the correct account details 

While emails can be hacked, phone calls can't be interfered with. You can save yourself a lot of potential heartache by giving your conveyancing attorney's office a quick call and verifying the banking details that you have received over the phone. A second strategy that you can implement to err on the side of caution is to make an initial small payment, wait to receive verification from the conveyancing attorney that they have received this amount, and then pay the balance of the amount owed. 

For example, if you are paying a deposit of R900 000, you could phone the conveyancer, verify their banking details and advise them that you are going to make an initial payment of R1 000. Assure them that as soon as they confirm receipt of the R1000, you will transfer the R899 000. In the process of doing the initial transfer, you can save their details as a new beneficiary on your internet banking profile. This rules out the possibility of any unfortunate typos when you make the big payment. 

Four quick tricks to ensure that you are transacting safely when paying your deposit

1. Use multi-factor authentication for your online banking profile. This adds an extra layer of security by requiring additional verification beyond just a password.
2. Be cautious of unsolicited emails, messages or calls asking for sensitive information. Never click on a link in an email or download an attachment unless you are 100% sure that the source is legitimate.
3. Stay up to date with prevalent scams. The unfortunate reality is that scams are evolving all the time and you can't protect yourself against something if you don't know about it.
4. Trust your instincts. Fraudsters often rely on urgency and pressure to manipulate victims. Unless you have been delayed in paying your deposit, there should be no pressure whatsoever from your conveyancing attorneys.

Paying your deposit is a big step in the process of buying your dream home. Jawitz Properties is here to help you through every stage of this process, from deciding where you want to live to receiving the keys to your new home. Contact us for more information.