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Update · 04:28 pm AEST · 19 August 2026

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AUSTRAC uncovers millions in mortgage fraud at 10 major banks

AUSTRAC uncovers millions in mortgage fraud at 10 major banks
Photograph: ABC business (AU)

Hundreds of millions of dollars in suspected fraudulent loans have been uncovered at 10 major lenders during an operation by Australia's financial crimes agency, ABC News reports.

Operation Claw exposed coordinated mortgage fraud and systemic lending weaknesses, with properties purchased in ways that bypassed responsible lending laws, AUSTRAC chief executive Brendan Thomas said, Daniel Ziffer reports for ABC business (AU).

Home loan fraud uncovered at 10 major banks Hundreds of millions of dollars worth of property, largely in Sydney, has been bought by people who have submitted fake incomes statements and other fraudulent documents to support their borrowing. abc.net.au
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