Pexa adds multi-factor authentication (MFA) to their online settlements platform.
Many people are still very concerned with the enforced roll out of digital settlements coming up on October 1st. This date marks the instalment of PEXA’s online settlement platform into the Victorian conveyancing industry making all settlement types that can be done online mandatory. Up till now settlements have been conducted with settlement clerks who roam the streets of our CBD from venue to venue, shuffling forms and paper cheques around to make sure everything is dotted and ticked properly so that stamping and lodging takes place without a problem. From October 1st, this process is going to be conducted through a website run by PEXA, the Property Exchange Australia platform.
Some may be aware of a few incidents of fraud that have already occurred with the relaxed security associated with PEXA users and account logins. This new login process introduces a new-look log in screen and requires you to protect your account with both your password and a one-time pass code – either via SMS or the PingID app.
Once implemented to your organisation, you will only be required to provide a one-time pass code (OTP) once every 12 hours per device. If you subsequently log in to PEXA in that 12-hour period using a different browser or on a different device, you will be asked to enter a new OTP. This seems like a better option to secure the platform from rogue users who can gain access from intercepting emails and such, but there are still some concerns about possible vulnerabilities and backdoor methods that overseas hackers often employ to get into these huge online financial systems. Only time will tell if the steps PEXA have taken lead to a better system that we can all use and have faith in.
More information can be found here on PEXA’s own forum:
SDS Conveyancing Services are registered with PEXA for online settlements.