Cyber criminals scammed South Africans out of more than R2.6?billion through digital fraud last year and the South African Banking Risk Information Centre recently warned cybercrime has a growing footprint globally.
Rawson Property Group managing director Tony Clarke says real estate transactions are particularly attractive as they involve significant sums transferred electronically.
He urges buyers and sellers to exercise caution before confirming or undertaking electronic payments.
“Without the right security, cybercriminals can intercept electronic communications and use that information to impersonate one of the parties. Thereafter, it can be difficult to freeze or reverse the transaction,” he says.