Pilot scheme to check borrowers' income prevented £111m in fraud News Mortgage Strategy: "pilot scheme allowing lenders to check applicants’ income against HM Revenue and Customs records has prevented £111m of mortgage fraud, says the regulator.
In October HMRC confirmed that it is on track to launch a scheme by the end of the year allowing lenders to verify the income in a suspected fraudulent mortgage application.
The Financial Services Authority says it piloted the scheme with lenders last year and it helped cut fraud.
Speaking at a British Bankers’ Association conference last week, Margaret Cole, director of enforce-ment and financial crime at the FSA, told delegates: “The power of income verification in combating financial crime was illustrated by a pilot scheme run by HMRC last year."

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