Mortgage fraudsters in Australia are on the rise, and they are targeting migrants and the elderly, according to a report.
Rogue property agents, developers, valuers, loan originators and accountants will defraud banks and other lending institutions to achieve their cons, said Ian Graham, chief executive of QBE LMI.
"Organised criminal rings are manipulative and work towards pilfering the identities of people who own their properties,” said Mr. Graham. “Criminals acquire loans masquerading as these people and using their property as security. Victims are unaware they have been targeted until they are contacted by a bank chasing loan repayments."
He suggests that homeowners and buyers should compare home loans to ensure that their identities and rights are being protected.
Phil Naylor from the Mortgage and Finance Association of Australia (MFAA) also said that common victims of mortgage frauds are the elderly and new migrants who are often manipulated into thinking that they can make money more quickly by investing with the fraudsters.