If you’re one of CommBank’s 17 million customers, don’t panic. But given how well AI can now fake documents, all banks will need to rethink their security.

The bank’s application processes and the way documents are verified leave it vulnerable. The sector must lift its game to protect the integrity of the market.

The brokerage and lender announced in its fourth quarter earnings it had found fraud in about $134 million in Freddie Mac loans ...

The Commonwealth Bank of Australia (CBA) has alerted authorities to a possible fraud racket that obtained approximately $1 ...

When auto loans suffer losses they are “dramatically higher” than losses in other types of consumer credit products, according to a recent analysis by the credit bureau TransUnion. The average auto ...

A Virginia used car dealer has been sentenced to six years in federal prison after investigators determined he orchestrated a ...

Lying on a loan application might seem like a quick solution to secure funds, but it carries serious financial and legal consequences. Penalties range from immediate loan denial or forced repayment to ...

Western Alliance is one of the regional banks facing concerns over loans made to non-bank financial players. The bank's CEO said he believes the alleged loan fraud that sparked a selloff last week is ...

A federal judge in Illinois has sentenced a former loan originator to 18 months in prison for his role in a multimillion-dollar reverse mortgage and home repair fraud scheme. Gary Bohn, who previously ...

Federal prosecutors charged a slew of Florida residents and one Bostonian across two fraud cases, which each level charges of faking financial records or applications for mortgage loans and COVID-era ...