Sensitive Bank Account Changes: How to Protect Your Landlords, Tenants, and Creditors

When it comes to trust accounting, few things invite more risk than a poorly handled bank account security change. And yet, many real estate agencies don’t realise how one incorrect update, or one forged email, can put them at risk for serious financial and legal consequences.

Let’s discuss what’s at stake and how you can protect your business, your clients, and your reputation.

Why Account Changes Can Expose Your Agency

Real estate businesses deal with large volumes of money every day, rents, bond deposits, disbursements. That makes you a prime target for cyber criminals.

Even a minor error, such as an outdated landlord disbursement account or incorrect creditor bank information, can lead to serious consequences. These include misdirected funds, breaches of trust regulations, and potential allegations of negligence.

Criminals understand the demands and intricacies of your work environment, and they utilise these vulnerabilities. That’s why treating every bank account update as a high-risk change is not just smart; it’s essential.

Common Scenarios That Lead to Fraud

You don’t need to imagine elaborate scams. Here’s what happens in the real world:

• A landlord emails a new BSB and account number for rental disbursements. Except it wasn’t them, It was a spoofed address.

• Your supplier changes their payment details, but no one calls to verify.

• A junior team member receives a verbal instruction and forgets to log it formally.

Each of these moments opens the door to fraud, dispute, or audit failure.

Set Up Verification Protocols That Actually Work

At Think Cloud Solutions, we recommend a triple-check protocol for any bank account security change:

1. Require it in writing. Always get requests for updates via official channels, not SMS or casual emails.

2. Call the contact. Use a phone number on file (not the one in the message) to verbally confirm the change.

3. Log and flag. Document the request, the confirmation, and who handled it. Set a system alert for management sign-off.

These may seem obvious, but consistent execution is what stops errors and fraud in their tracks.

Use Automation and Alerts to Protect Your Business

Property management software has come a long way. Many platforms now allow you to:

• Trigger alerts for any changes to sensitive fields

• Restrict who can update account details

• Generate audit logs showing who made changes, and when

As MRI Software’s guide to trust accounting for property management explains, protecting the security and integrity of trust accounts is not just about compliance, it’s about trust. Regular monitoring and system safeguards are part of best practice property management.

Internal Accountability: Who Should Be Checking?

Not everyone in your team should have the authority to update banking details.

Here’s what we recommend:

• Limit access to key staff only, preferably senior trust accountants.

• Set a monthly review of any account changes, conducted by a second party (internal or outsourced).

• Train your team regularly on phishing red flags and fraud tactics.
  

Build Habits That Protect Your Business

Consistent application is key to simple fraud prevention.

• Require written requests

• Call to confirm

• Keep clear logs

• Automate alerts

• Limit access

If your current trust accounting system feels risky or disorganised, we can assist you in evaluating and strengthening its controls, providing you with greater peace of mind.

Bank account security change protocols are not optional; they are essential as the primary defense in a critical environment where trust is important.

Want help reviewing your trust processes or training your team? Contact us now at Think Cloud Solutions. We are committed to safeguarding your agency with the same dedication we would our own.