Fraud Page
 Fraud stories submitted by our clients:
Mortgage Unenforceability & Identity Fraud
Identity fraud is reported to be the worlds fastest growing form of fraud and is a subject now appearing with unnerving regularity in the Australian media. Statistics published by Macquarie Bank Limited1 report that transactions involving identity fraud in Australia are growing by more than 50 percent annually, and are estimated to cost more than $4 billion every year.
In the mortgage industry, it seems everyone has a friend of a friend of a friend involved in some sort of mortgage fraud, whether it be by inadvertent means or otherwise. Mortgage fraud is sweeping the industry, pressuring interest rate hikes by the need to cover the incurred losses of the lending industry, and damaging the credibility of brokers. Reliable statistical evidence is unavailable, and media attention is otherwise engaged.
ProPex is intending to create a centralized resource for others to post and read stories of fraudulent behavior in the industry, including links to police web sites and collation of data from other fraud-related sites on the Internet. To this end we will be needing anyone who has been the victim of fraud to email us the details of the fraud. This includes:
- The actual scenario (with as much detail as allowed by legal considerations).
- The lessons learned, such as pointers to identifying future possible fraudulent scenarios or irregularities.
This email, preferably half a page in length or more, should be emailed to finance@propex.com.au. It will be vetted for relevance and possibly edited for neatness and ethical considerations. It will then be posted on the website with a brief 10 word description for the reader's convenience.
Any picture, video or sound files will be welcome even though they might not end up posted on the site. All information collected will be for the sole use of ProPex and will not be passed on or sold to any third parties.
Submit your fraud story to us and go into our latest draw. Include in the email your name, surname, and your contact phone number as well as your preferred contact email if different from the one you are using.
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