Queensland banking hoax should serve as warning to brokers

by Julia Corderoy01 Apr 2016
A sophisticated banking hoax in Queensland should serve as a warning to brokers, the FBAA has cautioned. 

The chief executive of the FBAA, Peter White, said the recent case of a Queensland tradesman accused of falsely showing his bank balance to be nearly $600 milllion in credit highlights the need for brokers to remain vigilant about financial records. It is claimed that the tradesman likely used an app or fake online bank application.

“This turned out to be a poor joke but the underlying problem here is just how sophisticated and genuine looking fake online apps can appear, and how they may attempt to deceive lenders,” White said.

“It’s not new for someone to dummy up a fake pay slip and other information that misrepresents your true worth and income streams.”

Brokers and loan writers must have their radar tuned in at all times and investigate anomalies and suspicious looking financial details, said White. 

“If in doubt and you have suspicions, always ask questions and seek out other avenues to double check what the customer is telling you.

“In this era of identity theft and online fraud, the days of using a simple pay slip for proof of income have disappeared.”
 

COMMENTS

  • by Tim H 1/04/2016 11:10:49 AM

    What Peter is highlighting here is a question I have been considering for some time regarding on-line lenders.
    A recent article indicated one organisation now had an app where the clients could email their payslips, bank statements, identification documents etc to support an on-line application without the need for the broker to meet face to face with the clients.

    How is this satisfying the NCCP guidelines, how are these brokerages documenting that they have verified the details and ensured their bona fides? What does ASIC think about this on-line verification process?

    I for one would rather complete a face to face meeting and satisfy myself of the borrowers' details that way than rely on information emailed through on an app.

    My trailer income is too valuable to me to put it at risk in this manner.

  • by Papery 4/04/2016 10:37:51 AM

    Ive also seen a number of Brokeage's (not Lenders) begin to develop online applications and even going so far as to promise an approval in a few short hours. Not sure how any Broker can deliver any approval in this fashion & further I cannot see how any Aggregator or Licensee an let this sort of disceptive advertising get through...even on Fb!

  • by Damien N 8/04/2016 9:43:10 PM

    Online approvals are easy to accept as they are "subject to" providing necessary documents to validate their claims. It would be exactly the same as how banks approve loans.