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ATO tax return data could help to alleviate mortgage fraud risk – AFR

Opinion

As the country’s big four banks scramble to get ahead of the problem, there are solutions that can be implemented to greatly lower the risk of home loan fraud.

Joyce MoullakisAssociate editor

The financial services sector, police and policymakers should come together as soon as practicable to address the heightened threat of mortgage fraud in the nation’s $2.4 trillion home loan market.

The threat has certainly never been more real. And although the problem might at first seem difficult to combat, there are solutions that can be implemented to drastically reduce the risk of home loan fraud.

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    PROCUREMENT & EXPENDITURE (STOPPING KICKBACKS)

    Procurement fraud usually involves inflated invoices or “fictitious” vendors.

    • The Three-Way Match: Never pay an invoice unless you have matched the Purchase Order (PO), the Delivery Note (signed), and the Supplier Invoice.
    • Vendor Master File Review: Review your vendor list annually. Look for suppliers with the same bank details or physical addresses as your employees.
    • Dual Authorization: Implement a “Two-to-Sign” rule for all EFT payments above a certain threshold (e.g., R5,000).
    • No “Cashing” of Checks: If you still use physical checks, strictly prohibit “Cash” as a payee and store blank checks in a dual-lock safe.
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