Maintaining Lockbox Security

The recent breach of lockbox accounts via an email hacking scheme (see eMemo #4151) underscores the potential for vulnerability, even when the highest precautions are in place. As we work with our sister Boards, SentriLock and cybersecurity experts to evaluate additional measures to keep members and properties safe from these sorts of attacks in the future, we want to remind members of their obligations to ensure proper use of lockboxes.

Section 10 in the Rules of Cooperation concerns members’ responsibilities regarding lockboxes and access cards. Of particular note are Sections 10.01 (a) and (c):

10.01     Terms of Use

The use of lockboxes and access cards is a privilege extended to Members and contract subscribers of the Board only and shall be governed by the terms of any contract entered into by them with the Board as well as the Rules of Cooperation including the following:

(a) Access cards and the associated technology are issued and registered for the exclusive use by an individual Member and are NOT TO BE LOANED/SHARED under any circumstances;

(c) One Day Showing Codes:  unless authorized by the seller in writing, One Day Showing Codes may not be given to any individual, firm or corporation under any circumstance, other than to a licensed member in good standing with any British Columbia real estate board or association; and

One Day Showing Codes may not be given out unless the recipient is personally known to the Member or their identity can be verified through their office or the Board’s Member communications system;

Further, Section 10.01 (b) requires all members to have written authorization from the Seller prior to placing a lockbox on the property:

(b)         Disclosure to Clients: the CARDHOLDER will obtain specific written authorization from the seller before placing a lockbox on the owner’s property;

A good tool for this is the BCREA Lockbox Acknowledgement, Consent, Release and Indemnity form . Members will find the form located on WEBForms, while Section 10 in its entirety can be found here.

Thank you for taking proactive, preventative measure against lockbox threats. In the event of a breach, immediately contact your local police detachment to file a report – and notify the FVREB office.