Major bank has referred multiple parties to authorities and suspended others as organised crime targets the lending sector
National Australia Bank (NAB) has confirmed it has taken direct action against multiple parties involved in mortgage fraud, referring cases to the appropriate authorities and exiting or suspending a number of individuals and entities from the bank.
NAB said it had invested significant resources to counter what it described as a heightened and increasingly sophisticated fraud environment, with criminal activity extending well beyond any single institution or sector.
"NAB has zero tolerance for criminal behaviour and is investing heavily to respond," the bank said in a statement. "We are identifying and disrupting this activity, with more to do as a bank and across the industry. We will continue to take an uncompromising stance on anyone who engages in illegal or unethical behaviour."
The bank said the threat was driven by complex, organised criminal networks operating across industries and borders, with brokers, real estate agents, lawyers, accountants, and conveyancers all exposed to the same risks from corrupt professional facilitators.
NAB said it was collaborating with peer institutions through the Fintel Alliance and working directly with law enforcement to share intelligence, but cautioned that industry efforts alone were not sufficient to address the scale of the problem.
In parallel with its enforcement actions, the bank has called for the development of a National Economic Crime Strategy to establish a coordinated national response. The proposed framework would enable stronger intelligence sharing, deeper cross-sector collaboration, and more consistent regulatory settings to combat economic crime at its source.
"Tackling this threat effectively requires a step change in how banks, regulators, law enforcement, and government work together," NAB said. "This is a system-wide problem, and it requires a system-wide response."
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