Property Exchange Australia
Awards and Accolades:
- 2020 Best Service Innovation
2020 Innovation Name: PEXA Key
Awards: 2nd Most Innovative Technology Company
PEXA Key eliminates the risks of emailing highly sensitive property settlement information while also providing a simpler and more secure way for home buyers and sellers to track the status of their property settlement. Lawyers and conveyancers throughout Australia use email to regularly communicate with their clients. In a property settlement, these emails can include highly sensitive information, such as bank account details.
Today, email phishing is the primary way hackers scam citizens and businesses. Property is a lucrative target – Australia’s residential sector is worth $7.2T. Hackers intercept emails between lawyers, conveyancers, and their clients to misdirect settlement funds, causing huge emotional and financial distress. Rather than relying on vulnerable email communication, using PEXA Key, home sellers can enter their account details in an encrypted app and have them populated securely and directly into the PEXA file the practitioner has opened for their transaction.
Real estate agents can also share their trust account details with home buyers through the app for them to deposit funds, ensuring the funds are allocated to the correct account. To further support home buyers and sellers, PEXA Key provides the ability to track the status of their property settlement. Providing transparency and insight to the process alleviates the stress normally associated with the buying or selling of property.
To date, PEXA Key has helped secure Australian real estate transactions valued at more than $3.4 billion for 35,000 home buyers and sellers, preventing phishing attempts and securing home buyers and sellers in what is often, their most import purchase.