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Why Commonwealth Bank’s $1 billion suspected loan fraud should change how we bank and do business
Toby Walsh receives funding from the Australian Research Council and Google.org, the philanthropic arm of Google.
UNSW Sydney provides funding as a member of The Conversation AU.
The Commonwealth Bank reportedly suspects around A$1 billion in home loans were obtained fraudulently, including through AI-generated documents. The Australian Financial Review says the bank has reported itself to police and the corporate watchdog to investigate.
According to sources quoted in the newspaper, Australia’s largest bank discovered the suspected fraud last year, partly thanks to two whistleblowers. After rival bank NAB was allegedly defrauded of around $150 million, the Commonwealth Bank also reportedly began investigating its own loans. Its Australian home loans alone are worth around $634 billion.
Big four banks find themselves embroiled in loan fraud probe
Police suspect that just one criminal network has defrauded all four of the country’s major banks by at least $300 million amid growing concerns that the washing of illicit funds through real estate is a systemic problem.
Westpac and ANZ have reported suspected fraud in their loan books to NSW Police, joining National Australia Bank and Commonwealth Bank, which have been working to assess the scale of the potential wrongdoing.
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