New course breaks down fraud

We have released a new course to give mortgage and finance brokers an understanding of what fraud is and how to protect their business from fraud.

The MFAA Foundation Course in Fraud Prevention is suitable for anyone in the finance and mortgage broking industry who would like to gain a better understanding of fraudulent practices that may be committed in the mortgage loan industry, and how to detect and prevent them.

“While instances of fraud committed by mortgage and finance brokers appears to be low, brokers need to be alert to fraud against themselves, their businesses and fraudulent behaviour by clients,” said MFAA Head of Education Dan Walsh.

“Fraud can erode the confidence of consumers, lenders, regulators and others in the industry.

“So, it’s important mortgage and finance brokers are aware of what fraud is and what measures they can adopt to reduce opportunities for fraud.”

Fraud isn’t new, in fact the first recorded incident of fraud dates back to 300 BC in Greece involving insurance fraud. Types of fraud have changed as societies, commerce, laws and technology have changed. For example, today advances in technology has seen cybercrime used as an avenue to commit fraud.

“There are policies, procedures and processes that brokers can put in place to reduce the motivation and opportunity for fraud to be committed through their business, and the Foundation Course in Fraud Prevention outlines how brokers can adopt these measures,” said Mr Walsh.

MFAA members are bound by the MFAA Code of Practice which they agree to when they join and every year as part of their annual renewal process. The Code includes clearly defined expectations of the conduct and behaviour of its members including ‘not engaging in any acts or omissions of a dishonest or fraudulent nature’.

The MFAA Foundation Course in Fraud Prevention is available to MFAA members – for free until 31 January 2023 – on the MFAA Learning Hub.