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Customer profiles under attack as cybercriminals take out mortgages

Oct 14 2009, 22:53 PM

Australian police are urging financial companies to tighten their data security after it emerged cybercriminals were accessing customer profiles and taking out mortgages in their names.

New South Wales Police Detective Superintendant Col Dyson said that homeowners were being exposed to risk due to the ease of online and telephone credit applications, reports The Australian.

Superintendant Dyson told an identity crime conference that cybercriminals could gain access to customer profile details in a variety of ways.

"It's relatively easy for a criminal group, if they get enough personal financial information, to acquire a loan against the house, using the house as security and keeping the proceeds," he said.

Police are currently investigating more than 100 fake mortgage cases in New South Wales alone.

Earlier in the week, it was reported that National Bank of Australia is considering implementing three-factor authentication on account access in an attempt to further protects its customers' profiles.

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Posted by Neil Hill

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