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Fighting fraud can be tough battle for brokers

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Australian Broker | 26 Jun 2014, 08:20 AM Agree 0
Brokers have been warned to be on the lookout for fraud, and one top broker has said his experiences have shown how easy it is for borrowers to commit identity fraud
  • Chappo | 26 Jun 2014, 09:03 AM Agree 0
    Totally agree with Stephen Dinte. You can add banks to that list. When looking to identify an existing customer of another bank, Credit and Debit cards do not have their full name, bank statements are issued electronically and don't have full street addresses etc. Their needs to be some uniformity across all areas so it isn't just the poor mortgage broker who has to rectify these problems in order to let geniune, law abiding citizens borrow money.
  • Face to Face ONLY | 26 Jun 2014, 10:52 AM Agree 0
    Internet & phone only lenders/brokers only use a certified copy of ID. Anyone who is prepared to have fake and stolen ID can much more easily fake certification. With new bank accounts created with fake certified ID, they have just legitimized their new fake ID. This is a SCAM. Lenders and Govt MUST force face-to-face interviews, and certification must only be done by licensed and accredited professionals such as licensed mortgage brokers and bank managers.
    Cost cutting by internet only lenders/brokers is perpetuating fake ID's.
    Where is the MFAA on this issue. We pay our fees to be properly represented, and I don't see anyone putting serious pressure to insist on face-to-face ID verification.
  • Broker | 26 Jun 2014, 12:08 PM Agree 0
    Perhaps CBA be warned too!
  • Andy | 26 Jun 2014, 01:02 PM Agree 0
    Couldn't agree more with Stephen. Have had recent arrivals with 4 different versions of (her) name starting with Immigration, then Medicare, then Centrelink and finally her Drivers Licence. How are we supposed to get it right when the information we are given (by the authorities) is completely wrong from the beginning. It seems that the Government (either brand) wants us to prevent fraud when in fact they virtually promote fraudulent opportunity through their own inattentive employees. The crooks will always be there trying one thing or another but more care needs to be taken particularly with arrivals to our Country from day one.
  • ID Fraud | 27 Jun 2014, 08:59 AM Agree 0
    Online only banks/brokers that never meet clients face to face are really open to ID Fraud and would have to be one of the riskiest parts of the industry. If a client is prepared to prepare a copy of fake ID, then faking certification is very easy. I don't believe that there is any register or licensing or any checking or recourse of whoever certified the ID. Once a client has a loan and new accounts established with fake ID, then they now have real documents from the bank legitimising the fake ID to perpetuate further crimes.
    These online operators with their cheap and shonky practices are putting pressure on legitimate brokers who meet clients face to face and use best practice to minimise ID fraud. Allowing cheap online operators is cutting too many corners, and ruining the industry.
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