The national peak industry body representing finance brokers has called on their members to remain vigilant in the face of possible financial record fraud.

The recent high profile case of a Queensland tradesman accused of falsely showing his bank balance to be almost $600 million in credit, serves as a warning for brokers when assessing financial records of customers, according to Peter White of the Finance Brokers Association of Australia.

It’s claimed the tradesman likely used an app or bogus online bank application to distort his financial status.

“This appears to be a poor joke but the underlying problem here is just how sophisticated and genuine looking fake online apps can appear, and how they may attempt to deceive lenders.

“It’s not new for someone to dummy up a fake pay slip and other information that misrepresents their true worth and income streams, and nowadays these items of proof can look genuine when in fact they are not.”

Mr White says genuine customers may be scrutinised more, as brokers and loan writers become more sensitive to the possibility of anomalies and check suspicious looking financial details.

“When people do the wrong thing, it unfortunately affects all those who act legally and ethically, but in the end, those who are truthful will always be looked after as their information will check out.”

He advised those seeking a loan to ensure they had the documentation that could easily back up their claims.

Media Contacts: Ben Dobson – 0434 791 084 // Olivia van Dalsen – 0432 112 684