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​Fraud scams on the rise: What can brokers do?

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Australian Broker | 04 Feb 2014, 08:00 AM Agree 0
Tax fraud scams involving the sale and re-mortgaging of property without the owners’ consent are on the rise in Australia, and brokers have been warned to stay alert.
  • Old joe | 04 Feb 2014, 09:15 AM Agree 0
    “When there’s a bank involved they’ll often settle without it being reported because obviously this kind of thing could cause some reputational damage for the bank.”

    Let me get this right ... we won't report it but if it is a broker we will hang them publicly... this is incredredulous ....
  • GC | 04 Feb 2014, 09:22 AM Agree 0
    ASIC would probably try to state the Broker is at the middle of it all as the broker arranged the finance and then tell everyone all Brokers are dishonest. MFAA would run and hide - or stand behind ASIC beating their chest stating how good they are instead of assiisting the poor broker who wrote the loan.
  • not so old broker | 04 Feb 2014, 01:35 PM Agree 0
    are you people on the same planet as the rest of the world? How do you weave ASIC or the MFAA into what is obviously a criminal offence? It beggars belief - did either of ASIC or the MFAA discipline you for something "you didn't do"!
  • Cynical | 04 Feb 2014, 02:18 PM Agree 0
    Call me cynical, but this sounds like a beat up infomercial for Title Insurance & whoever posted the story a couple of days ago about the new fraud detecting software.

    In respect of Brokers getting caught by this scam....three little words KNOW YOUR CLIENT. Follow the basic Responsible Lending practices, verify all details & eyeball your client.
    Personally I dont care if a stupid Bank jockey gets caught & if Joe Public is dumb enough to hand out such personal details across the net, then maybe they get what they deserve....but I s'pose they are also waiting for the Nigerian scammers to remit their millions, too!
  • Broker | 04 Feb 2014, 04:22 PM Agree 0
    Silly me, for being under the impression that all lenders already run ALL submitted docs through this technology when assessing loan applications, irrespective of whether they are branch or broker loans. Too easy I guess, but then again it’s much easier to make the broker the scapegoat and continue the double standards - than clean up your own back yard, isn’t it.
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