Here’s what you need to know
With scammer tactics becoming increasingly bold, we’re safeguarding the communication of account details for one of life’s biggest transactions.
Keeping the communication of your customer’s bank account and your trust account details secure is our number one priority.
We’ll be retiring some existing features to keep the app focused on reducing the impact of cyber fraud and data entry mishaps.
These changes are now live.
The PEXA Key Secure Communication Guarantee
PEXA Key uses encryption to safeguard the communication of account details. This ensures that confidential information, like bank and trust account details, cannot be intercepted by cyber criminals, keeping transactions safe from this type of fraud.
PEXA Key is backed by a Secure Communication Guarantee providing protection to buyers and sellers to ensure secure communication of bank account details between buyer, seller and practitioner.
Our Guarantee provides protection to buyers and sellers if the communication of bank account details between the buyer/seller and their practitioner’s PEXA Workspace is corrupted within PEXA or intercepted due to fraud – up to $2 million.
Safegaurding communication in life’s biggest transaction
Property settlements can be a complicated process, which is why we’re streamlining PEXA Key to help prevent the risk of data entry mishaps.
Client requested bank details are directly added to the relevant PEXA Exchange workspace, reducing the risk of a corrective payment.
Supporting your clients through settlement
The app features helpful articles and tips on what each stage of the settlement process means and details what people can expect. Checklists will also remain to help make sure everything is taken care of ahead of settlement.
Based on your feedback, we’re removing notifications and settlement tracking so you have more choice as to how you update your client about the process.
These changes are not expected impact your clients’ experience using the app. If you have any concerns, please contact your Account Manager at any stage.
Here’s a quick snapshot of what the PEXA Key app will look like:
These changes will come into effect at 9:00pm (AEDT), Friday, 14 April 2023.
If your client is already using the PEXA Key app, these changes will not change their experience. Settlement date will still be live through to their settlement.
The changes will only be visible to buyers and sellers who register for PEXA Key after 9:00pm (AEST), Friday, 14 April 2023.
If your client downloads the app after the stated relaunch date, they will experience the updated version, with the above-mentioned changes.
Unfortunately, property settlements are a lightning rod for cyber fraud. That’s why PEXA Key is being simplified to better protect the communication of your account details.