Major lenders are working with the financial crimes watchdog to determine the extent of a mortgage fraud scandal after a Commonwealth Bank-commissioned report suggested that the number of loans based on doctored documents could be well beyond an earlier $1 billion estimate.
The report was authored by Equifax, one of the world’s largest credit bureaus, at CBA’s request. It found that a number of customers who had obtained mortgages using fraudulent documents, including some generated by artificial intelligence, had also taken out loans with other banks.
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