Advances in information systems and technology have paved the
way for businesses worldwide to streamline their information
storage and sharing capabilities. Productivity has increased as a
result and business processes are more timely and economical than
ever.
The transition from paper to cloud has created a new arena for
fraudsters to orchestrate even more sophisticated fraud tactics and
mortgages are no exception. Key stakeholders including legal
practitioners, conveyancers, mortgagees, mortgagors, valuers and
brokers need to ensure that they remain alive to both the old and
the new fraud tricks.
This article discusses current fraud tactics within the realm of
the mortgage industry and provides useful risk management practices
stakeholders can adopt in order to minimise their exposure to
fraud.
