welcome [community.pexa.com.au]...business email compromise (bec) structure and evolution alex...
TRANSCRIPT
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Welcome
Ian Hendey
Chief Practitioner Services Officer, PEXA
Welcome
Brought to you by
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Marcus Price
Chief Executive Officer, PEXA
Welcome
Brought to you by
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Bob MiljevicPartner
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Sharon Christensen
Gadens Professor of Property Law
QLD University of Technology
Electronic Digital and Smart Contracts
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Electronic, digital and smart contracts
Prof Sharon Christensen
Gadens Professor of Property Law QUT
Digital Horizons – Property Innovation
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Two questions
• Is a land contract in electronic or digital form legally binding?
• What is the impact of increasing automation on the principles applying to contract performance?
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Contract Law [R]evolution
telex
1950
Instantaneous communication rule -Entores
1955
fax
1960
Fax – same rule -Reese Bros Plastics
1988
Email, internet, online contracting
1990 1999
Email in writing –McGuren
2004
Blockchain, self service automation/smart contracting, sharing platforms
2008-2014
Email same rule as fax – Olivaylle Pty Ltd
2009
Robotics
2016
Typed name a signature – electronic signing tool
2015
2019
Autonomy,
data, privacy
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Electronic, Digital or Smart – what is the difference
Electronic contract
• Broad descriptor capable of referring to any contract formed using electronic means or represented in electronic or digital form
Digital Contract
• A subset of electronic contract maybe formed online, terms are visible on screen and computer code used to perform contract; eg. Purchase of software, music, games, movie tickets). Right to access personal contract details can be restricted - may be self-executing
Smart contract
• Self executing computer code usually associated with blockchain – terms of contract are converted to code no human intervention
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Evolution to smart
contracts
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Is the contract valid?
• A land contract in electronic or digital form must satisfy the same requirements:
• The terms of the contract must be in writing
• The contract or a memorandum of the contract must be signed
• Signed by the named party or an authorised agent
Can a smart contract fulfil these requirements?
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A contract or memo ‘in writing’
Definition Physical form Electronic form
Writing Writing defined as “includes any mode of representing or reproducing words in a visible form”
• Letters• Formal paper contract
Email Contract displayedonline Contract in word or pdfText
• Courts readily accept that words displayed on a computer screen are reproduced or represented ‘in a visible form’
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Electronic or digital contracts – ‘in writing’
Contract formed by exchange of emails
Contract in word or pdf displayed on a screen
Web based contract where terms are displayed on a screen
Smart contract – self executing code
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When is a document signed?
A signature is an unique mark placed on a document to:
Identify the signer
Indicate the signers intention or approval of the contents
Provide integrity and reliability of evidence in event of a dispute
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Electronic signature v. digital signature
Electronic signature –electronic symbol or process used to indicate intention or approval of a document
Digital Signature - a digital code (generated and authenticated by public key encryption) which is attached to an electronically transmitted document to verify its contents and the sender's identity.
Digital certificate issued by certification authority (CA)
Identity verified by CA
Changes to document after signing invalidate the signature
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When is an electronic or digital contract signed?
Doubt about ability of electronic signature to meet CL
requirements
Courts have applied the ETQA
Functional analysis
Electronic communication is signed if, signing method:
• identifies the party or their agent;
• indicates their intention to be bound to the contract;
• As reliable as appropriate to prove identify and intention
• Consent is given by the other party to the signature method.
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Electronic signatures and ETQAMethod Identity Intention Reliable proof of identify and intention
Typing name yes Yes (if intention to sign contract bytyping a name)
Easily copied or changed
Facsimile of signature attached to document
Yes Yes (as above) Can be placed on document by any person with access
Electronic signing tool Yes Yes (if signed contract as indicated)
Relies on valid email address as identifierMFA may be used (email and SMS)Signing place and time is recorded in system
Digital signature Yes Yes Identity certified by TSPDigital certificate proves signed by names personChanges to document easily detectedTime stamp difficult to alter
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Other jurisdictions compared
• Different types of e-signature given different evidential value
• Simple, advanced, qualified (deemed same as manuscript signature)
EU (eIDASRegulation)
• E-signatures given legal validity and admissible in court
• No distinction between types of signatureUSA
• Electronic Communications Act – provides for admissibility of e-signatures
• Validity is based on common law principlesUK
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Improving reliability of signing method
• Reliability of signing method to prove identity and intent can be improved by collecting extrinsic evidence:
• Verifying the identity of the signer and their connection to the signing method
• Using MFA (or OTT) to lower risk of a third party signing without authority
• Obtaining evidence of an agent’s authority to sign
• Use a PKI digital signature
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Automation of performance
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Impact on contract principles
IF PERFORMANCE OF A CONTRACT IS AUTOMATED DOES
THIS MAKE THE CONCEPT OF
BREACH BY THE PARTIES AND THE
ABILITY TO TERMINATE
REDUNDANT?
IS THE CONCEPT OF TENDER
DIFFERENT FOR AN ELECTRONIC SETTLEMENT?
IF THE AUTOMATION
FAILS AND PERFORMANCE
DOES NOT OCCUR ON TIME, WHAT ARE THE
CONSEQUENCES?
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Release 2 Payment Settlement: Process Overview
Title Activity
Check
(1hr Prior)
Lan
d R
egis
try
PEX
A
Lodgement
Case Status
Advice
Sub
scri
ber
Settlement
Preparation
Funds
Reservation
Lodgement
in LR
Funds
ExchangeDisbursement
Lodgement
Request
Verify
Funds
Availability
OSR
RB
A Reserve
Source FI
ESA Funds
Exchange
Funds
Between ESAs
Sign
ScheduleFI
Stamp Duty
Verification
(1hr Prior)
Debit Trust
Account
Move Source
Funds to
Clearing Acct
1 2 3 5 64 7
Disburse
Funds to
Beneficiaries
Authorise
funds
Workspace locking
PEXA Settlement
Workspace locked
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Tender
Seller – signed transfer and releases of encumbrances
Buyer – balance purchase price
Tender is evidence of being ‘ready willing and able’ to perform
A party to a conveyance is required to tender performance in accordance with the contract
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Electronic Tender
Same principle – tender at settlement is required
Actions are different – what a party is required to do depends on the contract terms
A party should complete all acts required by the contract and will be excused from requirements prevented by conduct of the other party
Example:
Seller is prevented from signing a transfer because details are not completed by the buyer.
Provided seller has otherwise performed all required steps by time for settlement, seller is ready willing and able to perform
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Breach and termination
• Data input error (mistake in description or financial error)
• Process is stopped by a party without grounds
• Failure to complete pre-automation steps
Potential breach where performance
is automated
• Breach prior to automated performance
• Discovery of breach before automation complete
• Can the automated process be halted? Are contract terms for compensation or retransfer required?
Termination for breach
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Computer automation fails
Risks
• Computer system fails at relevant time
• Corruption of computer code/virus/attack – causing a failure to complete or transfer to wrong party
Consequences
• No fault of either contracting party
• Force majeure provisions may be required
• Unlikely a frustrating event at law
Insurance?
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Smart contracts – The future?
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One vision
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Questions
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Alex Tilley
Cyber Crime Expert
Secureworks
Cyber Security
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Classification: //Secureworks/Confidential - Limited External Distribution:
Business Email Compromise (BEC)
Structure and evolution
Alex Tilley [email protected]
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Graham Link
Chief Technology Officer, PEXA
Tech Talk
Brought to you by
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To share with you [a] view on what the future of property
conveyancing might look like in an accelerating digital
environment
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Move in
PEXA is one part of a broader collaborative shift to a digital
property ecosystem
Listing Websites/Real Estate Agents
ValuersInformation
ProvidersBanks
Conveyancing Software
Lodgement & Settlement
Land RegistriesSell house
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Stepping back for a moment
Innovation and disruption is brought to life at the intersect of
industry, government, academia and collaborators
2013: 39% 2018: 55.1%
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Putting these building blocks together
Accelerating innovation
Compounding technology
Equitableaccess
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So lets take a look at some of the Technology
trends in 2019 and the future
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Cloud
Trend 1 – Rise of Cloud Computing
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Trend 2 – Investment into faster and higher capacity networks
5G
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Trend 3 – Internet of things
IOT
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Trend 4,5 & 6
Technology continuing to augment human behavior in more meaningful ways
Artificial
Intelligence
Machine
Learning
Robotic
Process
Automation
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Putting this together
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Cloud based technology is enabling the creation of Platforms
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Smart Buildings with IOT
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Machine Learning for workflow, risk calculation and judgement calls
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Digital Identity
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Further Reading
Deloitte Access Economics
The Future of the Australian Conveyancing industry 2025 and 2030
https://www2.deloitte.com/au/en/pages/economics/articles/impact-e-conveyancing-industry.html
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Q&A Panel
Sharon Christenson - Professor, QLD University of Technology
Alex Tilley - Cyber Crime Expert, Secureworks
Graham Link - Chief Technology Officer, PEXA
Brought to you by
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See you back here at 3pm
Enjoy Your Break!
AFTERNOON TEASee you in 30 minutes
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Krystle Kocik
Executive General Manager, Product
PEXA
PEXA Products
Brought to you by
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50 © Property Exchange Australia Limited (PEXA) 2019.
ICE
BREAKER
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51 © Property Exchange Australia Limited (PEXA) 2019.
CELEBRITY
HEADS
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Roger
FedererMadonna Steve Jobs
Freddie
Mercury
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© Property Exchange Australia Limited (PEXA) 2019.
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• Fraud that occurs in the property industry is not unique
• The biggest culprit is email
• Interception and manipulation of financial information
(BSB/Account numbers) - vendor surplus and trust
account information have been targeted
• It is imperative to provide a solution to the industry which
eliminates email exchange of sensitive information
where security is the backbone of the technology
Exchanging sensitive information through a secure channel is
critical. Email is not secure.
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Using human centred design, practitioners, buyers and sellers were
embedded throughout the lifecycle of developing PEXA Key.
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We uncovered many insights and heard consistent themes.
Communication &
TransparencyTrust
Security Education
Buyers/sellers want to know key
events about settlement.
Practitioners are concerned about
sharing too much information
which can cause anxiety. Higher
expectations from buyers/sellers.
Reputation heavily influences
trust. Complexity and legal nature of
the process, places high value on
the practitioner’s role.
Practitioners see the importance
of secure communication.
Buyers/sellers still think email is
secure.
Buyers/sellers want the ability to
find out more about what happens
during settlement. They want to
know what to do next.
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We pieced these together and tested what an MLP might look like
• Interaction point for practitioners is through PEXA –
• Inviting clients
• Request account information
• Secure and robust registration for buyers and sellers
• Settlement date/time and high level status visibility
• Exchange bank account information securely:
• Sellers: Vendor surplus
• Purchasers: Trust account information (coming soon..)
• “What to expect” – providing generic information on what
happens during settlement
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Introducing PEXA Key, an app (Apple & Android) for buyers and sellers
targeted at helping our members and their clients interact securely.
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Come see me to join the pilot!
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Brought to you by
How PEXA is putting the voice of members at the heart of the
business to deliver great product and service experiences
Community and Member Experience
Emily Billing
Customer Engagement Manager
PEXA
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© Property Exchange Australia Ltd 2016
Join the 5700+
Community members
who are already signed
up and participating!
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Community.pexa.com.au
Discussion Boards PEXA Certified Help Articles Product Updates Transfer Guidelines
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© Property Exchange Australia Ltd 2016
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454
QLD Members
384
Posts contributed
Product Member Panel
170
Help articles
Downloadable Help Cards
Community.pexa.com.au
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QLD Specific Resources
• These webinars will be repeated 4 times this year
• 24 national webinars
• Covering a variety of topics including Financial
settlement schedules, priority notices, transfer
guidelines and more
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Access the e-Conveyancing Community at:
Community.pexa.com.au
Brought to you by
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Listening to our
members
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What we measure:
• Would you recommend PEXA to your peers
• How easy was it settle on PEXA
• How other parties in the workspace are behaving
• General feedback suggestions
Provides visibility to PEXA employees on what you’re experiencing
Helps to drive prioritisation and direction for our product teams
What does this mean?
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© Property Exchange Australia Ltd 201673
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• Share your feedback and thoughts with PEXA
• Let our product teams know what would help you
How you can get involved
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Panel Session
Antonia Mercorella (MC) - Chief Executive Officer, REIQ
Craig Green - Senior Partner in Banking and Finance, Gadens
Brigid Leishman - Chief Operating Officer, Credit Union Australia
Justin McInally - Partner, Hopgood Ganim Lawyers
Damien Ross - General Sales Manager, QM Developer
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See you back here at 3pm
Enjoy Your Break!
THANK YOU