TL;DR: Payment redirection scams, including property settlement scams, cost Australians $166.8 million in 2025, up more than 9%. Criminals hack or impersonate conveyancers, agents or settlement agents and send fake bank details that look genuine. In August 2026, a Westpac banker stopped a $1.2 million first-home transfer after spotting a hacked settlement agent email. The fix: call to confirm bank details on a number you already saved, every time.
The $1.2 million near miss
Per Westpac (6 August 2026):
- A customer was about to send $1.2 million, savings plus loan, for their first home.
- Criminals had hacked the settlement agent’s email and sent fake instructions.
- Banker Neet Kukreja noticed: the tone was different; the urgency didn’t fit; the staff member named was on leave; the sender’s address had one extra letter; and the payment route didn’t match normal practice.
- She paused, called the real settlement agent, who confirmed no such request existed.
"Scammers rely on urgency and fear," she said.
How these scams work
From CommBank’s September 2026 warning:
- Fraudsters intercept emails with bank details and send fake payment instructions.
- They research buyers and sellers on social media and use AI to write messages and even clone voices.
- In one case, a scammer posing as the seller had first phoned the agency, mentioning the property address and local landmarks to sound legit, then emailed "new" bank details.
- A conveyancer intercepted another attempt that could have diverted nearly $200,000.
A PEXA survey found 99% of Australians couldn’t identify a fraudulent email address even when told it was a scam. So "I’d spot it" isn’t a plan.
Warning signs
- Changed bank details, especially last minute
- Urgency: "settlement fails today unless you pay now"
- Payment details arriving without the client knowing
- Small changes in tone, signature or email address
PEXA’s Graham Fairley: "Property professionals won’t be injecting a sense of urgency."
The rules
- Call to confirm bank details using a number you saved yourself or found independently. Never use numbers in the email.
- Agree on communication rules with your conveyancer at the start ("we’ll never change bank details by email").
- Question any last-minute change.
- Send a small test amount and confirm by phone before the big transfer.
- Contact your bank immediately if anything feels off.
If you’ve sent money
Call your bank immediately, then your conveyancer, and report to ReportCyber and Scamwatch. Speed is everything with recalls.
Similar cases: Victoria’s $118K BEC recovery. Your email being in breaches makes takeover easier: run a free exposure check.
Frequently Asked Questions
How much do Australians lose to payment redirection scams?
$166.8 million in 2025, according to National Anti-Scam Centre data cited by Westpac and CommBank.
How do property settlement scams work?
Criminals hack or impersonate conveyancers, agents or settlement agents and send fake bank details for the deposit or settlement.
How do I protect my house deposit from scams?
Confirm bank details by phone using a number you saved yourself, and treat any last-minute change as suspicious.
What should I do if I sent my deposit to a scammer?
Call your bank immediately to try to recall the payment, then your conveyancer, and report it.
Sources
- Westpac: Banker's instinct saves customer from $1.2 million scam
- CommBank: Property settlement scam risk rising