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.
Latest In Financial services
Fetching latest articles
Most Viewed In Companies
HOW TO SPOT A “RED FLAG” (THE BEHAVIORAL AUDIT)
Keep an eye out for these behavioral shifts in your staff:
Refusal to take leave: Afraid someone will find their “adjustments.”
Unexplained wealth: Buying luxury items that don’t match their known salary.
Working odd hours: Preferring to work alone late at night when no one is watching the system.
“Gatekeeper” behavior: Becoming overly defensive or angry when someone asks to see their records.