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BFCSA investigates fraud involving lenders, spruikers and financial planners worldwide.  Full Doc, Low Doc, No Doc loans, Lines of Credit and Buffer loans appear to be normal profit making financial products, however, these loans are set to implode within seven years.  For the past two decades, Ms Brailey, President of BFCSA (Inc), has been a tireless campaigner, championing the cause of older and low income people around the Globe who have fallen victim to banking and finance scams.  She has found that people of all ages are being targeted by Bankers offering faulty lending products. BFCSA warn that anyone who has signed up for one of these financial products, is in grave danger of losing their home.


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BFCSA: Banks see Fraud on $2 Billion worth of Credit Cards - well hidden Chaps!

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Unverified Lending since 2008 and Veda speaks of "Fraud Checks."  Not in our experience in dealing with banks - the fraud is internal to the banks.  Without Veda seeing the supporting docs of an application how can they verify if fraud or not?

Consumers are waking up.  Even David Murray is warning what comes up must come down.  There has been widespread approval of unaffordable loans and the consumers had no idea of the frauds and were forced by packaging to take credit cards they had said NO to.  Banks said you must take them as part of the pack - no choice - cannot separate.  Breaches of TPA all over the place.

Nearly $2bn of credit apps red-flagged for fraud

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by Adam Smith | 25 Aug 2014
Nearly $2bn of credit applications were red-flagged as potential fraud in the last financial year.

New research from Veda has shown $1.9bn in credit applications were red-flagged as potential fraud risks, but not all lenders assessing the applications were aware of the risks. The credit reporting agency said red-flagged applications grew 52% in two years, and are continuing to rise as a percentage of applications.

“While most major credit providers in Australia conduct fraud checks on credit applications, there are a number of lenders who process high risk applications unaware of possible links to fraudulent activities,” Veda general manager of fraud and identity solutions Imelda Netwon said.

Veda ran the analysis on $1.6tr worth of credit applications checked by its credit bureau in the year to 30 june 2014.
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