Aussies committing $220 billion in credit fraud

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Aussies could have been granted up to $220 million in debt based on fraudulent information, new data reveals.

With one in ten Australians admitting to lying on a finance application, more than $220 billion in finance could have been unduly granted, new analysis by finder reveals.

Additionally, 1.3 million Australians have admitted to committing insurance fraud with Australians most likely to fib for car insurance.

While they may seem like white lies, finder money expert Bessie Hassan warned there are serious consequences for inaccurate information.

“It might mean you are more likely to default and depending on the fine print you could even face prosecution,” she said.

“Giving false information whether that’s exaggerating the value of your assets or employment status to underestimating expenses – is fraud.”

Telling the truth could push premiums up but will ultimately protect against voided policies.

“The best legal way to reduce your premiums is to compare your options online.

“Whether it’s pre-existing conditions, no-claim bonuses or even your age, lying isn’t worth the rejected claim if something does go wrong.

“Be upfront because even if you are a long standing customer, questions will be asked about what you put on your application,” she said.

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