The recent case of a Queensland tradesman accused of falsely showing his bank balance to be nearly $600 million dollars in credit, highlights the need for brokers to remain vigilant about financial records, an Australian industry association warns.
The warning follows the claim that tradesman, Phillip Johnathan Harrison likely used an app or bogus online bank application.
The Finance Brokers Association of Australia CEO Peter White said, “This turned out to be a poor joke but the underlying problem here is just how sophisticated and genuine looking fake online apps can appear, and how they may attempt to deceive lenders.
“It’s not new for someone to dummy up a fake pay slip and other information that misrepresents your true worth and income streams.”
White says brokers and loan writers must have their radar tuned in at all times and investigate anomalies and suspicious looking financial details.
“If in doubt and you have suspicions, always ask questions and seek out other avenues to double check what the customer is telling you.
“In this era of identity theft and online fraud, the days of using a simple pay slip for proof of income have disappeared.”