Fintel Alliance uncovers coordinated mortgage fraud across major lenders
Austrac
AUSTRAC’s Fintel Alliance has uncovered coordinated mortgage fraud and systemic weaknesses across Australia’s lending sector. A joint analysis of data from 10 major Australian banks identified potentially hundreds of millions of dollars in suspected fraudulent loans, mostly linked to properties in Sydney. Operation Claw identified suspected mortgage fraud involving inflated incomes, misrepresented employment and fabricated or unverifiable business activity used to support loan applications. The project identified cases where offshore or third-party funds were used to complete property settlements and make mortgage repayments, demonstrating how false income streams and complex funding arrangements can facilitate access to the Australian property market.
