As South Africa's property market remains buoyant, driven by low interest rates and competitive bank lending, the growing volume of high-value property transactions is creating increasingly attractive opportunities for cybercriminals. Buyers Trust, a secure bank-hosted deposit platform that has protected more than R2 billion in property deposits with zero recorded cybercrime incidents since its inception, is helping to address this growing risk.
According to Jackie Smith, CEO of Buyers Trust, cybercriminals are increasingly targeting homebuyers, estate agents and attorneys to gain access to the large sums of money and sensitive personal information exchanged during the homebuying process.
Despite current global volatility and the latest interest rate hike, Smith says property transaction volumes continue to trend upwards. "The lending environment is still the best that it’s been in recent years and we believe that this trajectory will continue."
She points to Q1 ’26 data from ooba Home Loans, highlighting robust increases in both the volume and value of home loan applications at 15.9% and 30.4%, respectively, from the Q4 ’24 low point. Over the same time period, the value of granted home loans also surged by 36.6%, reaching the highest level seen in more than two years and further reflecting renewed confidence among both lenders and buyers.
“These figures showcase the large sums of money being moved around and it’s no surprise that increased market activity creates greater opportunities for fraudsters,” shares Smith." Property transactions are high-value, time-sensitive and often involve multiple parties exchanging personal and financial information. That makes them an attractive target for cybercriminals.”
Founded in 2017, Buyers Trust was established to provide a secure alternative to traditional trust accounts used for property deposits. The bank-hosted platform has held more than R2 billion in deposits since its inception, accrued and paid out over R3.1 million in interest with zero recorded cybercrime incidents.
"We identified a gap in the market for an alternative deposit-hosting solution to traditional trust accounts. The result is a system designed specifically to protect property deposits against fraud and cybercrime."
Smith notes that many consumers continue to transfer substantial deposits to third parties, such as conveyancing attorneys or estate agents without fully understanding the associated risks. "Much of South Africa's property industry is made up of small and medium-sized businesses that often lack the sophisticated cybersecurity infrastructure required to defend against increasingly advanced attacks," she says.
Data points to increased risk of online fraud
According to global cybersecurity company ESET's latest Threat Report, South Africa remained the most targeted country in Africa for both ransomware and infostealer attacks during the second half of 2024. More than 40% of ransomware attacks and nearly 35% of infostealer incidents detected across the continent occurred in South Africa, while phishing accounted for 34% of all detected cyber threats.
"These attacks target individuals, small businesses and major institutions alike," says Smith. "Phishing emails, deepfake content and fraudulent documentation are increasingly being enhanced by AI, allowing cybercriminals to exploit trust and infiltrate transactions with alarming sophistication. The fast-paced nature of property transactions makes them particularly vulnerable."
Recent figures from the South African Banking Risk Information Centre (SABRIC) further highlight the growing threat. During 2024, digital banking fraud incidents increased from 31,612 cases in 2023 to approximately 64,000 cases, while associated losses exceeded R1.4 billion. SABRIC has also warned of a rise in AI-enabled fraud, including phishing campaigns, impersonation scams and deepfake attacks targeting consumers and businesses.
SABRIC’s data shows that home loan fraudsters:
- Misrepresent income, employment history or debt levels
- Use stolen or fabricated identities
- Inflate or fake valuations of properties
- Recruit of ‘straw buyers’ with good credit to cover the real buyer’s identity
- Forge documentation such as payslips or bank statements
“The reality is that fraud has become a professional service, with software platforms empowering criminals with the tools they need to easily access your personal information,” continues Smith, “Sophisticated phishing scams and convincing deepfakes are increasing our online risk - making it essential to adopt extra security measures when deciding where to place your home deposit.”
Smith points to a prominent case which made news headlines in 2025 as a prime example of the risk that general consumers face when handing over large, hard earned sums of money. “According to the Legal Practice Fidelity Fund, over R1.4 billion has been stolen from 561 client trust funds, allegedly by the same legal professionals who were empowered to protect their clients’ funds. Of these, only 59 convictions have been made in seven years, with just 25 resulting in jail time.”
Avoid becoming a victim
In an environment where both digital fraud and professional misconduct are rising, secure deposit handling has never been more critical.
“Too many buyers still transfer funds manually to accounts they can’t independently verify,” Smith warns. “That’s why using a secure, audited, and bank-integrated platform like Buyers Trust is essential. Your deposit doesn’t sit in an individual’s account, it’s held securely in a dedicated bank-hosted facility until the deal is finalised.”
Smith shares several top tips to aid buyers as follows:
- Verify payment details: Validate any banking details from the bank in question before making a deposit. “It’s strongly advised that you call the person/ organisation in question (don’t email them) using a number that you have sourced yourself, and not from an email footer.”
- Be vigilant: Take extra care when receiving emails with links or attachments that seem suspicious. “In a case where its linked to a property transaction, you can once again call the provider prior to opening it to ensure that it’s legitimate.”
- Put added security measures in place: “Make sure that you keep your devices up to date with anti-malware software and that you choose strong passwords which are not easy for an attacker to guess.”
- Question authority: “Just because someone has a title doesn’t mean that they’re always trustworthy. Always ask where and how your deposit is being held.”
“At the end of the day, your property purchase is one of the most significant financial decisions you’ll make. Don’t let trust and a lack of due diligence be your biggest risks,” concludes Smith.
