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.”