In the headlines recently, Chinese mortgage application fraud has been identified and dodgy conveyancing firms are circumventing the VOI requirements however, Australia’s big four banks are also aware of a more organised and sinister banking fraud that is yet to gain attention.
Sooner than later, Australian banks will have to come clean. There are phone conversations and emails being circulated among senior risk assessment analysts within the Australian banking sector that the Chinese mortgage application fraud controversy is bigger than what has been reported in the media.
Various conversations between risk assessment analysts and senior banking executives have highlighted something new, concealing a scandal far in excess of the reported billions in Chinese mortgage application fraud. Far beyond just speculation, Australian banks and their risk assessment analysts have identified that fake passports have also been used to fraudulently obtain Australian bank loans.
For the criminal element of overseas property investors, the process appears to be relatively simple and remains unchecked.
Liken to the report by Jonathan Tepper, walk into any of Australia’s banks with a fake passport, drivers license or medicare card a fraudster can easily open a bank account and the processes to obtaining a bank loan.
This is a mammoth conundrum for banks as, there are no measures in place for a bank employee to confirm that the passport being presented is legitimate. This conundrum also applies to many Australian Government agencies such as Human Services (obtaining a medicare card) and Vehicle Licensing Authorities in every state.
With a fake passport in hand, the extent of taking advantage of banks and Australia’s services is seemingly unstoppable once further forms of identification is obtained such as a drivers licence, medicare card, bank statements and the like.
To test this, recently I attended a CBA branch (of which I had never had previously any form of bank account with) and opened a bank account with my drivers license and medicare card. No copy was take and no check was undertaken. It was that simple. Therefor; identifying a fraudulent Chinese mortgage application in hindsight is relatively easy.
Should Australian banks be contacting DFAT or other agencies to confirm the validity of Australian passports and other forms of identity ? Assuming a passport is required to open a bank account but, this is the conundrum, as a drivers license will generally do the job. A drivers license obtained from the origins of a fraudulent passport.
Given the above and my previous article on VOI fraud, the use of a fake passport or any form of manufactured identification during the VOI process is even easier to circumvent VOI as even the most diligent lawyer, legal practitioner or conveyancer will not contact DFAT or any Australian Government agency to validate the passport or drivers licence being presented.
Firstly, obtain a fake Australian passport online. Some internet suppliers provide instructions to never, ever use the travel document at an airport but can be used to establish yourself with a medicare card, drivers license, open bank accounts and even attend university. (From my own Google search the links are available below)
Further tips: “When you arrive in Australia under your Chinese passport, you are free to buy as much property you wish as an Australian citizen”. As you meet with real estate agents and conveyancers they will view your passport and see you are Australian and not subject to any FIRB (Foreign Investment Review Board) rules and restrictions. Moreover, the VOI requirements can be fully completed with your new Australian passport.
NOTE: Never ever use the passport to enter or leave Australia as this passport we have provided is not on their database and, will be identified by an immigration officer causing you much difficulty.
The instructions for obtaining a mortgage loan (prior to Feb 2016) is somewhat difficult in comparison. Preparation of bank statements and payslips that will pass an Australian banks assessment requires careful preparation. For as little as $200 the payslip, bank statements and other supporting documents in template form can be purchased on Chinese social media.
Reported in the Sydney Morning Herald June 13, 2016. This situation is very real and threat.
Our counterfeit Medicare card arrived by courier from China just days after the buyer had deposited $350 cash in a Melbourne bank account.
"Wang," the local frontman of a forgery ring in Zhejiang, an eastern coastal province of China, promised us that the card would pass scrutiny by government officials and financial institutions.
The Australian Securities and Investment Commission (ASIC) is investigating fraudulent mortgage documentation used by Chinese income earners to buy about $1 billion worth of property in Australia after Westpac and ANZ discovered they have each approved “hundreds” of home loans backed by such documents.
ANZ Banking Group and Westpac Banking Corp have discovered they have each approved "hundreds" of home loans backed by fraudulent Chinese income documents, which were allegedly manufactured with the help of dodgy mortgage brokers.
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