ANZ and Westpac – Victims of Chinese Fraud | China & Private Investigators

Victims of Chinese Fraud

Two of Australia’s largest banks, ANZ Banking Group and Westpac Banking Corp have recently discovered that both have approved hundreds of fraudulent home loan applications, backed by fake Chinese income documents.

Despite the banks’ strict verification processes, which include obtaining bank statements and pay slips in both the respective foreign language and translated versions, a Westpac spokesman said, “We have identified an issue with some loans that we are currently investigating.”

Furthermore, Paul Edwards, an ANZ spokesperson confirmed that the bank had experienced issues with a small percentage of borrowers relying on foreign income.

An investigation into the afflicted loans suggests that less than $1 billion (0.12 percent of the banks’ combined $837 billion in home mortgages). Added to this, luckily less than 0.4 percent of those fraudulent loans are more than three months behind on repayments.

However, regardless of how well the dodgy borrowers seem to be abiding by their loans’ terms, both ANZ and Westpac have a zero tolerance approach to fraud. As such, both banks are investigating the brokers that facilitated the loans in the first place, most likely resulting in termination where any discrepancies are found.

Westpac’s solution to the issue, whether temporary is still to be decided, has been to withdraw from foreign lending, while ANZ has simply adjusted product pricing.

John Ioannou, Precise Investigation’s MD, released an article earlier this week, discussing the importance of private investigations in the Australian market – this is a prime example of how crucial it is to have a professional undertake some essential due diligence. Albeit this is a large-scale operation for banks that process thousands of loan applications every day, Precise Investigation, along with numerous third party investigators, have the means to assist banks, insurers and other lenders through any investigation process.

Should you find that you, your family or your business have fallen victim to fraud, or perhaps you’re on the verge of being defrauded, then please get in touch with Precise Investigation today and have one of our anti-fraud specialists assist you. We’ve been helping Australian companies, government organisations and individuals to overcome their issues at work, at home and on the move for close to three decades – our experience, expertise and level of professionalism is second to none and we’re here to help.

Call Precise Investigation today on 1300 856 011 for a professional private investigation service.

If you’d like to learn more about our fraud-related investigation services before getting in touch with us, please click here to read more.

Precise Investigation provides a wide range of commercial and domestic services to clients based across all of Australia, with quick and easy access to the likes of Melbourne, Sydney, Perth, Adelaide, Brisbane, Hobart and even some of the country’s more remote areas. Regardless of where you are or how serious your particular concern may be, rest assured that our investigators and dedicated support team are ready and available to assist. Call us today. 

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