AI Is Making Mortgage Fraud Easier. Here's What Changes

It seems everyone is using AI to make life quicker and easier - and apparently, fraudsters are too.

From doctored bank statements and inflated income to fake paperwork that used to take serious skill to forge, AI is making mortgage and insurance fraud easier to pull off in minutes. The Financial Markets Authority (FMA) is actively investigating, and honest borrowers are the ones left competing against fake applications.

Josh Daniell, co-founder of open banking platform Akahu, joins Frances Cook to break down how the finance industry is fighting back, how open banking protects your data, and what the rise of AI chatbots means for everyday money decisions.

In this episode:

How AI is fueling mortgage and insurance fraud, and why the FMA is cracking downWhat open banking actually is, and how directly sharing bank data cuts out fake documentsThe truth about data privacy: why regulated open banking is safer than emailing PDF statementsUsing ChatGPT or AI chatbots for money questions: the benefits, privacy risks, and why AI is often too eager to agree with youWhy human financial advisers and judgment still matter when the market takes a diveNew smart tools that automate your emergency savings, track insurance, and scan for better interest ratesWhat the next 12 months look like for open banking and fintech in New Zealand

Whether you're curious about using AI for your own money or wondering how open banking will change the way you borrow, save, and invest, this episode breaks down what you need to know to stay protected and get ahead.

This episode of Making Cents is proudly supported by Odoo. Go to https://www.odoo.com/r/hpl now and try it for free, for 15 days.

Follow me everywhere!

Facebook / https://www.facebook.com/FrancesCookNZ

Instagram / https://www.instagram.com/francescooknz

TikTok / https://www.tiktok.com/@francescooknz

Join the Money Memo newsletter for a free weekly money tip in your inbox each week https://www.francescook.co.nz/subscribe