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PEXA hack boosts calls for delay

PEXA hack boosts calls for delay

By Karin Derkley

Conveyancing Securities Technology 


Security breaches have compounded concerns about the mandatory electronic conveyancing system. Property lawyers were apprehensive about the imminent mandating of electronic conveyancing even before the widely publicised hack in June of a PEXA account that led to a young couple losing $250,000 their home sale proceeds. Mandatory electronic conveyancing of all property transactions is scheduled to begin in Victoria on 1 October. The changes mean all practitioners will need to use an Electronic Lodgement Network Operator (ELNO) to lodge and settle property transactions. Now, PEXA, which is partially owned by state governments (including Victoria) and the major banks, is the only ELNO in Australia, although conveyancing technology company InfoTrack is working with the ASX to get its ELNO Sympli platform up and running before the end of the year.

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