Press releases
October 24, 2006 SYDNEY
Accom Finance Stings Fraudsters
One the greatest issues facing mortgage lenders today is the dramatic rise in the incidence of fraud.
The advent of technology has armed criminals with the tools to potentially rip lenders and borrowers off for millions.
We as a lender have fought back against fraud by use of a fraud scoring system. This system is much like a bank’s credit scoring system only it detects the risk of fraud.
When a loan for $800,000 was submitted our fraud detection system quickly identified the potential fraud under way.
These types of fraudsters usually target people with large amounts of equity in their homes, who are not at home during the day. They get into the victims home and effectively steal their identity.
The scary thing in this situation was that the fraudster provided our company with substantial documentation including a driver’s license, rates notices, bank statements, a loan approval for a refinance from a major bank, debit and credit cards and a medicare card.
The fraudster planned to pull off their scam by pretending to be the true owner of the property and then borrowing money on caveat (unregistered 2 nd mortgage) behind the existing 1 st mortgagee. Even when the lender sends the valuer to the security property, the fraudster organises the valuation appointment for when the owner is not there. The fraudster then breaks into the home and lets the valuer in.
Once we identified the fraud we got into contact with the true owner of the property and informed them of the potential danger. Our solicitors, Bransgroves Lawyers, advised the borrower to instruct their solicitor to take action to prevent further money being borrowed against the property.
We then directed the fraudsters to a solicitor where the Police were waiting. 2 suspects were apprehended in the sting. The investigation continues.
Daniel Dunsford has a Bachelor of Law and Bachelor of Engineering from the University of New South Wales. He is a director or Accom Finance a direct bridging financier. He can be reached at 1300 652 158 or by email accom@accomfinance.com.au.
Back to the Newsroom...
Enquire about our creative funding solutions now...
