Fake mortgages net millions

14/10/2009

Increasing numbers of home owners are becoming victims of fraud as criminals steal their identity and take out mortgages in their name.

"What we're seeing is organised crime groups taking over the identities of people who own their properties, which are unencumbered, and then masquerading as them and getting loans using the property as security," said Detective Superintendent Colin Dyson of New South Wales Police.

While traditionally fraudsters had to commit many crimes to receive a reasonable amount of money, just one high value mortgage fraud could net over one million dollars.

The criminals obtained identity information by stealing mail, stealing discarded documents from rubbish or stealing details online using keylogging viruses said Dyson.

They then used that stolen information to create fake driver’s licenses and Medicare cards to show to prospective lenders.

Source: Brisbane Times

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