National Australia Bank (ASX:NAB) said it has been investing significant resources to fight industry-wide mortgage fraud, referring multiple parties to appropriate authorities and exiting or suspending several parties from the bank, according to a Monday statement.
The bank said it is working closely with peers through the Fintel Alliance and directly with law enforcement to share intelligence and strengthen the collective response.
NAB is calling for the development of a National Economic Crime Strategy to create a coordinated national approach to better protect Australian customers, industry, and the broader economy, through stronger intelligence sharing, deeper cross-sector collaboration, and more consistent regulatory settings to fight economic crime at the source, it added.