Jul 20, 2026 – 2.07pmMajor banks warn that a torrent of fraudulent loan applications across the sector will get worse in the age of artificial intelligence unless they can securely access tax data to verify a borrower’s income instead of relying on documents that can be easily faked.Officials from the top retail banks told a Senate committee on Monday they backed federal government funding in the recent budget to assess the feasibility of the Australian Taxation Office safely sharing data with banks under a regime known as the consumer data right (CDR).Subscribe to gift this articleGift 5 articles to anyone you choose each month when you subscribe.Subscribe nowAlready a subscriber? Fetching latest articles
Banks push for better access to tax data to combat loan fraud
A Senate committee had heard pleas for changes to let banks access mortgage borrower tax data, to avoid the rising risk of being duped by artificial intelligence.
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