The AI-fuelled fraud that deceived Australia's biggest bank
About this episode
The episode discusses a billion dollar loan fraud scandal involving Commonwealth Bank and the implications for other banks.
Angira Bharadwaj and Joyce Moullakis on why CBA ended up in the middle of a billion dollar loan fraud scandal, how its spreading to the other banks and who might be behind it. This podcast is sponsored by Woodside Energy Further reading: Escalating $1b loan fraud scandal threatens to engulf top banks AUSTRAC is investigating a widening mortgage loan fraud scandal, after a syndicate duped Commonwealth Bank into writing $1 billion in loans off fake payslips. AUSTRAC calls in 10 banks for key meeting on spike in mortgage fraud The agency requested data from the lenders as it works to assess the extent of the fraud and whether properties funded by criminal proceeds should be seized. CBA probes $1b in suspected fraudulent home loans, calls in police The country’s largest bank is working to assess how many loans have been secured based on doctored applications, including documents created using AI. See omnystudio.com/listener for privacy information.
Sponsors
Woodside Energy
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