Protect Your Property Transaction From the Growing Threat of Cybercriminals

In the world of cybercrime, the scattergun approach is being replaced with precision. Mass attacks of poorly worded phishing emails are being replaced by sophisticated interventions, with cybercriminals now honing in on high-value transactions. In South Africa, with the property market on the up, home purchases are among their top targets.

“Buying a home has always been one of life’s biggest milestones, but in this digital age, it has also become one of the most vulnerable financial moments for ordinary South Africans,” commented Jackie Smith, Head of Buyers Trust, a secure bank-hosted deposit platform for homebuyers.

“As sensitive personal data and large sums of money are exchanged digitally, the property market has become fertile ground for sophisticated cybercriminals. With October being Cybersecurity Awareness Month, we feel it’s important to empower South Africans with the best insight and tools for their financial protection online.”

When Cybercrime Meets Real Estate

Interpol’s 2025 Africa Cyberthreat Assessment Report ranks South Africa as the second-most targeted country in Africa for cybercrime, behind Egypt. Ransomware, phishing and data theft dominate the landscape, with over 12 000 ransomware detections in 2024. The report warns that South Africa’s relatively strong economy and growing digital footprint make it a ‘high-yield’ target for organised cybercrime groups.

This growing threat of cybercrime has coincided with a rebound in South Africa’s property market. According to the oobarometer Q2 2025, the average property purchase price rose by 3.9% year-on-year to R1.69 million, with several provinces seeing double-digit increases.

“This renewed activity means more transactions, email correspondence and opportunities for fraudsters to intercept communication between homebuyers, agents and attorneys,” says Smith. “The property sector’s increasing reliance on digital communication makes it a lucrative target for cybercriminals.”

She notes that phishing remains the most common form of attack, where cybercriminals impersonate legitimate estate agents, conveyancers or financial institutions to trick homebuyers into transferring their deposits into fraudulent accounts.

“These scams are often so sophisticated that even experienced investors and agents can fall victim,” says Smith. “All it takes is one intercepted email or falsified payment instruction for someone to lose their life savings. In South Africa, we’re seeing cases where homebuyers unknowingly transferred hundreds of thousands of rands into a fraudulent account, with very little chance of recovery.”

How Homebuyers Can Protect Themselves

Smith says that the financial and emotional cost of falling victim to cybercrime when buying property can be devastating, which is why every effort must be made to reduce risk. She advises every homebuyer to follow these key steps before transferring a deposit:

1. Always verify payment details independently
“When transferring funds, never rely solely on email communication for banking details,” warns Smith. “Call your estate agent or conveyancer using a verified number to confirm account details.”

2. Be alert to changes or urgency
“Cybercriminals apply pressure so that you make mistakes, often creating false urgency to ‘secure the property,’” says Smith. “They might also claim that banking details have changed – a major red flag. Double-check everything with your agent or conveyancer.”

3. Use secure devices and networks
Smith says when processing large payments, homebuyers must never use a public network: “Ensure your devices are protected with updated antivirus software and strong, unique passwords.”

4. Check email authenticity
“Fake accounts are one of the most common ways South Africans are getting scammed out of their money, so check the sender addresses and URLs,” says Smith. “When in doubt, start a new email chain using verified contact details.”

5. Adopt proptech tools
Even with these precautions, traditional payment systems leave too many gaps for human error – accounting for 95% of all cybersecurity breaches, according to IBM.

“As cybercriminals evolve, the tools we use to protect consumers need to be one step ahead,” explains Smith. “Proptech solutions are designed to bridge the gap, providing homebuyers a modern, zero-cost alternative to traditional attorney trust accounts.”

Instead of transferring a deposit into an attorney’s or agent’s account, which are prime targets for phishing attacks, proptech solutions like Buyers Trust create a bank account in the buyer’s own name with one of South Africa’s major banks. This ensures 100% transparency and control, while earning interest on the funds and providing access to a free bank guarantee.

Smith explains that by reducing the number of parties involved in the transaction, these tools minimise the risk of interception while giving homebuyers full transparency and control over their funds. Buyers also benefit from earning interest and receiving a free bank guarantee.

“The reality is that cybercrime is becoming highly targeted, and online property transactions are in the crosshairs. When large sums of money are at stake, even a single phishing email can destroy one of life’s most significant moments. This Cybersecurity Awareness Month, we’re calling on all South Africans to be proactive – verify details, stay informed and use secure deposit solutions.”

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Author: Jess Gois from Convey on behalf of Buyers Trust.