It’s an age old story; calamity and liability collide; news agencies of every description emblazon the disaster across their front pages or 6pm news and invariably heads roll and compensation is paid, if not reluctantly. Think Dreamworld/Ardent Leisure, Volkswagen, AMP; the list goes on but I’m blown away by the attitude of the banks that support it to the company at the heart of the latest corporate fiasco; PEXA.
PEXA currently owned by the big banks and state government and soon to list on the ASX, provide Australia’s new online property transfer system to conveyancing services and law firms alike.
Recently it was revealed a former MasterChef contestant and her family are homeless after hackers stole $250,000 from the proceeds of their home sale while being settled on the PEXA system.
Hackers are accused of committing the fraud but that of itself offers little consolation to the couple or, in another case three weeks ago, when more than $1 million was stolen from the owners of an inner Melbourne couple who had similarly utilised the PEXA service during their property settlement process.
Both PEXA and, in this instance, CBA have denied responsibility for the loss. It seems it’s the old game of pass the parcel with PEXA blaming the conveyancer and the bank unable to tell the victim where the money had gone.
If the public are to have any faith in this new title transfer system, scheduled to be rolled out across the nation in the very near future, someone has to step up and take responsibility.
By Richard Aulsebrook