In this blog we discuss the updates coming to the PEXA Key App - what it is, whats changing and why you need it...

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PEXA KEY APP UPDATES

This week's topic is the PEXA Key app. It's receiving an update, so from this Friday the 14th of April 2023, we're going to see some changes. What changes you ask? They're actually removing some items from the app and keeping some items in the app.

Right now there's settlement dates and push notifications that appear in the app that's actually going, and the app's getting simplified. Also, there's special offers, which PEXA is removing as of this Friday.

So what's staying? The main thing that's staying and the purpose of the app is security. The PEXA Secure Communication Guarantee - and I'll talk about that a little bit later. But first, let's talk about security and in particular, cybersecurity.

In 2022, $24.6 million was scammed through cyber phishing. According to the ACCC Scamwatch. This is huge, with electronic settlements now mandatory in Queensland; PEXA wants to make sure that all of the transactions are secure, and the best way to do this is through the PEXA Key app.

The PEXA Key app is available on the Apple App Store or Google Play, it's securely downloaded, two factor authentication, and the best part about it is it links your phone number and email to your transaction - your particular transaction. So if you're selling a house, the solicitors will invite you. If you are buying a house, you get a separate invite for each property.

Pexa Key uses encrypted data for all bank details. So our Trust Account details, if you're the Seller, your sale proceeds, i.e. the money that you're getting after settlement - the bank details you will actually put into the app, and it's all backed by the Secure Guarantee that PEXA has.

Now, what is that?

Basically up to $2 million is guaranteed that if you input the information into the app and there's some sort of fraud or problem, then there will be insurance for that money. Please note terms and conditions apply - visit PEXA's website for more infomration (see link above). 

With cybersecurity scammer tactics becoming increasingly more prevalent in Queensland, PEXA is putting time, energy, security, and effort into securing your bank details and your money.

Obviously buying or selling your house is one of life's biggest transactions, and you want to have the peace of mind that your funds are safe. We always suggest you also call our office to confirm our trust details and to verbally confirm bank details just so we can double check that that money is going where it's meant to. This obviously all happens before settlement.

At Empire Legal, we are passionate about pushing forward with technology and working with PEXA - with boots on the ground to make a better experience for everybody. If you have any questions at all about PEXA PEXA Key, the settlement process, or conveyancing in general, we're here to help. Please get in touch (our contact details are below)

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We look forward to continuing to help thousands of Queenslanders every year with their conveyancing!

Any questions? Want to know more? Get in contact with us via the below form or via info@empirelegal.com.au.

Note: all information is general in nature and as each matter is unique please contact our office for tailored advices: the above does not constitute legal advice.