Westpac chief executive Anthony Miller says banks should prosecute home loan brokers and introducers found to have submitted doctored borrower information to secure larger loans as the sector investigates more than $1 billion in potentially fraudulent mortgages on their books.
Financial institutions had fought the risk of falsified loan information “since the dawn of time”, he said, confirming the nation’s second-largest mortgage lender faced the same issues as Commonwealth Bank, which is investigating $1 billion in loans it suspects were doctored with artificial intelligence tools.
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