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Fraudsters selling homes under owners' names: Property industry urged to remain 'vigilant'

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Australian Broker | 29 Aug 2013, 08:00 AM Agree 0
It sounds too bizarre to be true, but one Australian state is facing a sudden onslaught of overseas scammers selling properties using the real owners' stolen identities
  • Keith of the West | 29 Aug 2013, 09:39 AM Agree 0
    So what we are saying here despite all of the identity checks, verifications, indemnities, etc, that we complete every day as part of compliance, overseas fraudsters are still getting past the gate somehow?
  • Stewart | 29 Aug 2013, 10:00 AM Agree 0
    More of this should be expected.

    Given that financial institutions in this country are allowed to have offshore call centres, offshore processing of documents etc. This entire process lends itself to abuse, breach of our Privacy Policy and potentially NOT being able to prosecute someone who breaches our Privacy Policy while working in an offshore centre.

    The government should wake up to itself and ban offshore anything for any type of financial institution.

    The head of the CSA in Canberra refused to use an offshore call centre when they wanted to do a survey of their services etc, so if it is good enough for a government department to refuse using an offshore call centre because of potential breaches of privacy with personal information, then it should be good enough for the Federal Goverment to BAN them for financial institutions of any description.

    I for one, do Not like having my financial information available to offshore workers.

    Time for us to stop it, I think!
  • PeterT | 29 Aug 2013, 10:29 AM Agree 0
    Whilst brokers and lenders have to identify their customers, real estate agents, conveyancers and solicitors don't. Change this and there'll be a lot less of this type of fraud.
    This is also an excellent example of why title insurance is a good idea.
  • Melo | 29 Aug 2013, 11:33 AM Agree 0
    Think you will find real estate agents + settlements agents do have to ID clients.As you know in WA now ,we fillout up to 3 ID forms.1 Lender,1 FOGH and another for Landgate .Surely once is enough ?
  • Monty of Perth | 29 Aug 2013, 11:40 AM Agree 0
    Stewart: Totally agree.
  • PeterT | 29 Aug 2013, 02:05 PM Agree 0
    @Melo, you're probably correct for WA, but there doesn't appear to be the case elsewhere. We still see a lot of contracts and transfers with middle names missing.
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