This activity buzzing around the industry arrives in all shapes and sizes and with different degrees of ambition.
One fraudster aiming for the stars in the Fraud Week Hall of Shame is Mayfair-based Achilleas Michalis Kallakis who extorted millions of pounds from Allied Irish and Bank of Scotland, while maintaining a 16-property portfolio and a fleet of chauffeur driven Bentleys/a yacht/fill the blank and it was probably the case.
But under the same fraud umbrella, down at the every-day, less Dynasty-esque end, there is simple non-disclosure, for example, the clients applying for a mortgage with out-of-date pay slips, or other sins of ommission.
The challenge for ultimate paymasters the banks and mortgage advisers at the coal face is to keep up with and stay alert to the kaleidoscopic nature of fraud.
Fraud week, kicking off today, is a bid to offer market intelligence to help you do that.
Today, watch out for Julia Rampen’s exclusive interview with Santander’s financial crime manager Tracey Carr and the fraud Hall of Shame, a round up of some of the most jaw-dropping stories on Mortgage Soklutions in the last six months.
Later in the week, First Complete’s Jon Round’s has a raft of self-defence tips for brokers and xit2’s Mark Blackwell asks is the regulator doing enough to fight fraud?
Keep up with Fraud week HERE.
