CBA suspects that home loans are being processed with fake documents and income statements, including AI-generated forms.
According to the AFR, which quoted “people with detailed knowledge of the investigation”, CBA has been working with NSW Police, the Australian Securities and Investments Commission (ASIC) and the Australian Transaction Reports and Analysis Centre (AUSTRAC).
Several accountants allegedly used fake income statements to inflate clients’ incomes. They helped brokers push loans through while also pocketing commissions by sending customers to CBA under the bank’s referrer program, which pays eligible partners an upfront fee when a loan is settled.
CBA’s referrer program currently accepts referrals from accountant, solicitors, lawyers, conveyancers, real estate agents and financial planners.
The mortgage industry is facing “sustained and increasing levels of attempted…
CLICK HERE to read the FULL CBA reports two mortgage brokers to police over suspected fraud article.
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