6.1 Introduction to Fraud Prevention in Lending

Fraud prevention is a critical responsibility within financial services and lending. Financial institutions rely on lenders and financial professionals to identify suspicious activity, complete appropriate verification procedures, and help protect both clients and the institution from financial loss and reputational harm.

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Fraud within lending transactions may involve:

• identity theft;
• falsified documentation;
• misrepresentation of income or assets;
• mortgage fraud;
• auto loan fraud;
• internal employee fraud; or
• organized financial crime.

Because lending decisions are often based on information provided by the borrower, lenders must carefully assess whether:

• documents appear legitimate;
• information is accurate;
• transactions are reasonable; and
• the borrowing request aligns with the client’s financial situation.

Fraud prevention supports:

• responsible lending;
• regulatory compliance; and
• sound underwriting practices.

Lenders must balance:

• supporting client needs;
• achieving business objectives; and
• managing fraud and lending risk.

In recent years, fraud risks have become increasingly complex due to advances in:

• digital banking;
• electronic document submission;
• artificial intelligence (AI); and
• automated financial technology systems.

As financial services continue to evolve, lenders must remain alert to changing fraud methods and verification challenges.

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6.2 Understanding Fraud Risks in Financial Services

Fraud continues to affect individuals, businesses, and financial institutions across Canada and around the world. Financial fraud can result in:

• financial losses;
• identity theft;
• damaged credit;
• reputational harm;
• legal consequences; and
• reduced public trust in financial systems.

Within lending, fraud may occur when borrowers or third parties intentionally provide false, misleading, or altered information to obtain financing that would not otherwise be approved.

Fraud risks have increased alongside:

• digital banking services;
• remote lending;
• online applications;
• electronic signatures; and
• digital document submission.

According to Statistics Canada (2024), fraud continues to affect a significant number of Canadians and Canadian businesses each year, with financial fraud and identity-related crimes representing growing concerns within the financial services industry.

Technology and AI-Driven Fraud Risks

Advances in artificial intelligence (AI) and digital technology have significantly changed fraud risks within lending and financial services. Fraudulent documents can now be generated or altered using sophisticated digital tools, making manual verification increasingly difficult.

Examples of modern fraud risks include:

• AI-generated pay stubs;
• altered bank statements;
• falsified employment letters;
• manipulated tax documents;
• synthetic identities;
• deepfake identity verification; and
• digital account takeover fraud.

Financial institutions increasingly use:

• electronic identity verification;
• document authentication software;
• open banking verification tools;
• automated fraud-detection systems;
• transaction monitoring software; and
• manual underwriting reviews,

to strengthen fraud prevention practices.

Although technology improves fraud detection capabilities, lenders must still carefully assess unusual or suspicious activity.

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6.3 Know Your Customer (KYC)

Know Your Customer (KYC) is a fundamental requirement within the financial services industry and plays a critical role in fraud prevention, anti-money laundering efforts, and responsible lending practices. KYC refers to the process financial institutions use to verify a client’s identity and better understand the nature of the client relationship before providing financial products or services.

KYC procedures help financial institutions:

• confirm a client’s identity;
• reduce fraud risk;
• detect suspicious activity;
• comply with regulatory requirements; and
• protect both the institution and its clients from financial crime.

Lenders are responsible for ensuring that clients are who they claim to be before:

• opening accounts;
• approving loans;
• funding mortgages; or
• completing significant financial transactions.

Even when dealing with existing clients, lenders may still be required to re-verify identity information depending on:

• the type of transaction;
• institutional policies;
• regulatory requirements; or
• changes in client information.

Importance of Identity Verification

Identity verification is one of the first lines of defense against:

• identity theft;
• account takeover fraud;
• money laundering;
• synthetic identity fraud; and
• fraudulent lending activity.

Failure to properly verify identity can expose:

• the client;
• the lender;
• the financial institution; and
• the broader financial system

to significant financial and legal risks.

Lenders must remain alert to situations where:

• identification appears altered;
• information is inconsistent;
• documentation seems suspicious; or
• the client is unable to clearly explain the transaction.

At the same time, lenders must remain professional and avoid making inappropriate accusations when concerns arise. Situations involving suspected fraud should be escalated according to institutional procedures and handled carefully to avoid harm to legitimate clients.

Acceptable Identification in Canada

Financial institutions in Canada follow federal requirements regarding acceptable identification for client verification purposes. Acceptable identification generally includes government-issued documents that verify:

• name;
• date of birth;
• photograph; and
• signature where applicable.

Examples of commonly accepted identification may include:

• Canadian driver’s licences;
• Canadian passports;
• provincial or territorial identification cards;
• permanent resident cards;
• citizenship documents; and
• certain provincial health cards where permitted by law.

Depending on the institution and transaction type, clients may be required to:

• provide two pieces of acceptable identification; or
• provide a combination of primary and secondary identification documents.

Financial institutions may also use:

• electronic identity verification systems;
• biometric verification;
• digital authentication tools; or
• credit bureau verification systems

to support identity confirmation processes.

Common Acceptable Identification in Canada

Financial institutions may accept various forms of government-issued identification when verifying a client’s identity. Exact requirements vary depending on:

• the financial institution;
• the type of transaction; and
• current regulatory requirements.

Lenders must follow institutional policies and current regulatory requirements when verifying client identity.

KYC and Lending Transactions

Within lending, KYC procedures are especially important because fraudsters may attempt to:

• obtain financing using stolen identities;
• submit false documentation;
• conceal financial obligations; or
• misrepresent personal information.

Mortgage lending, auto financing, and online lending applications may present elevated fraud risks because:

• loan amounts are often significant;
• transactions may occur remotely; and
• documentation may be submitted electronically.

As a result, lenders must carefully review:

• identification documents;
• supporting financial information;
• transaction details; and
• overall application consistency.

Strong KYC procedures support:

• responsible lending;
• fraud prevention;
• regulatory compliance; and
• institutional risk management.

Technology and Digital Identity Verification

Many financial institutions now use digital onboarding systems, biometric verification, and document authentication software to support KYC procedures and identity verification.

Fraud prevention systems are most effective when technology is combined with:

• strong internal controls;
• employee training;
• ethical decision-making; and
• attention to detail.

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6.4 Know Your Transaction (KYT)

Know Your Transaction (KYT) refers to the process of reviewing and monitoring financial transactions to identify unusual, suspicious, or potentially fraudulent activity. While KYC focuses on verifying the identity of the client, KYT focuses on understanding whether the transaction itself makes sense based on the client’s financial situation, account activity, and stated purpose for the transaction.

KYT procedures play an important role in:

• fraud prevention;
• anti-money laundering (AML) efforts;
• regulatory compliance;
• risk management; and
• responsible lending practices.

Lenders and financial professionals should consistently ask themselves:

“Does this transaction make sense?”

This question is central to effective fraud detection and sound underwriting judgment.

Importance of KYT in Lending

Lending transactions may involve significant financial risk and often rely heavily on information provided by the borrower. KYT procedures help lenders identify situations where:

• information appears inconsistent;
• the transaction purpose is unclear;
• financial activity seems unusual; or
• the borrowing request does not align with the client’s profile.

KYT is particularly important in:

• mortgage lending;
• auto financing;
• refinancing requests;
• HELOC applications; and
• large or unusual credit requests.

Fraudulent lending transactions may involve:

• falsified income documentation;
• undisclosed debt obligations;
• suspicious down payment activity;
• straw buyer arrangements;
• inflated property values; or
• rapid movement of funds without clear explanation.

A suspicious transaction does not automatically indicate fraud; however, additional due diligence and verification may be required before proceeding.

KYT and Anti-Money Laundering (AML)

KYT procedures also support anti-money laundering efforts by helping financial institutions identify transactions that may involve:

• criminal proceeds;
• terrorist financing;
• fraud schemes; or
• attempts to conceal the origin of funds.

Canadian financial institutions must comply with regulatory requirements related to:

• suspicious transaction monitoring;
• record keeping;
• client identification; and
• reporting obligations.

Financial institutions may also be required to report certain suspicious transactions to the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC).

Technology and Transaction Monitoring

Modern financial institutions increasingly rely on technology to support KYT procedures and fraud detection efforts. Transaction monitoring systems may use:

• automated alerts;
• behavioral analytics;
• artificial intelligence (AI);
• machine learning; and
• pattern recognition software

to identify unusual financial activity.

Although automated monitoring systems improve fraud detection capabilities, lenders must still apply:

• professional judgment;
• critical thinking; and
• sound decision-making

when reviewing suspicious activity.

Professional Responsibility and Ethical Decision-Making

Fraud prevention is an important part of a lender’s professional responsibility. Ignoring suspicious activity or failing to complete appropriate due diligence can expose:

• the client;
• the lender; and
• the financial institution

to significant financial and legal consequences.

Lenders must balance:

• customer service;
• business objectives;
• operational efficiency; and
• responsible risk management.

Strong KYT practices support:

• ethical lending decisions;
• regulatory compliance;
• fraud prevention; and
• long-term trust within the financial system.

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6.5 Common Types of Lending Fraud

Fraud within lending and financial services can occur in many different forms and may involve:

• borrowers;
• organized criminal groups;
• third parties; or
• internal employees.

Fraud schemes often involve false information, altered documentation, identity misuse, or misrepresentation to obtain financing or financial gain unlawfully.

Lenders must understand common fraud schemes to better identify suspicious activity, complete appropriate verification procedures, and protect both clients and financial institutions from financial harm.

Straw Buyer Fraud

A straw buyer is an individual who applies for credit or purchases property on behalf of another person to help conceal the true borrower or circumvent lending requirements.

In mortgage fraud schemes, the straw buyer may:

• use their identity and credit profile;
• falsely claim owner occupancy;
• misrepresent income or employment; or
• receive compensation for participating in the transaction.

Straw buyer arrangements may involve:

• mortgage fraud;
• identity fraud;
• investment scams; or
• organized criminal activity.

Warning signs of potential straw buyer fraud may include:

• borrowers with limited knowledge of the property purchase;
• unusual involvement from third parties;
• inconsistent explanations;
• unusually generous financial arrangements; or
• rapid property resale activity.

Lenders should carefully assess:

• the purpose of the transaction;
• borrower knowledge;
• source of funds; and
• overall transaction consistency.

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Auto Loan Fraud

Auto loan fraud can occur when individuals use:

• stolen identities;
• false income documentation;
• fraudulent employment information; or
• falsified vehicle information

to obtain vehicle financing.

Warning signs may include:

• rushed transactions;
• unverifiable employment;
• inconsistencies between documents;
• unusual shipping requests; or
• clients unwilling to provide supporting documentation.

Lenders must complete appropriate verification procedures and investigate situations that appear unusual or inconsistent.

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Mortgage Fraud

Mortgage fraud occurs when false, misleading, or altered information is intentionally provided during the mortgage application or underwriting process.

Mortgage fraud schemes may involve:

• falsified income documents;
• inflated property appraisals;
• undisclosed debt obligations;
• occupancy fraud;
• straw buyers;
• fake down payment verification; or
• identity theft.

Mortgage fraud can expose:

• borrowers;
• lenders;
• insurers; and
• financial institutions

to significant financial losses and legal consequences.

Because mortgage transactions often involve large loan amounts and multiple parties, lenders must carefully review:

• application consistency;
• supporting documentation;
• property information; and
• overall transaction legitimacy.

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Internal Banking Fraud

Fraud may also be committed by:

• current employees;
• former employees; or
• individuals with internal system access.

Internal fraud can involve:

• unauthorized account access;
• falsification of records;
• manipulation of lending approvals;
• theft of client information; or
• participation in fraudulent lending schemes.

Employees involved in fraud may exploit:

• weaknesses in internal controls;
• system access privileges;
• operational gaps; or
• lack of oversight.

Strong internal controls, employee training, segregation of duties, and audit procedures are important components of fraud prevention within financial institutions.

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Identity Theft and Synthetic Identity Fraud

Identity theft occurs when personal information is stolen and used without permission for fraudulent purposes.

Fraudsters may use stolen information to:

• apply for loans;
• open financial accounts;
• obtain credit cards; or
• impersonate legitimate clients.

Synthetic identity fraud involves combining:

• real information; and
• fabricated information

to create false identities that appear legitimate.

Because synthetic identities may gradually build credit histories over time, this type of fraud can be difficult to detect.

Lenders should remain alert to:

• inconsistencies in documentation;
• unusual credit profiles;
• unverifiable information; or
• suspicious application patterns.

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Fraud Prevention and Professional Judgment

Fraud prevention requires more than simply following procedures. Effective fraud detection depends on:

• attention to detail;
• professional skepticism;
• ethical decision-making; and
• willingness to question information that does not appear reasonable.

Strong fraud prevention practices help:

• ignore warning signs;
• bypass verification procedures; or
• prioritize sales objectives over sound lending practices.

• protect clients;
  reduce institutional losses;
  strengthen regulatory compliance; and
  maintain trust within the financial system.

Strong fraud prevention practices help:

• protect clients;
• reduce institutional losses;
• strengthen regulatory compliance; and
• maintain trust within the financial system.

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6.6 Case Study: Mortgage Fraud and Lending Red Flags

Mortgage fraud schemes often develop gradually and may initially appear to involve legitimate lending transactions. In many cases, multiple parties participate in the fraud either knowingly or unknowingly. This case study demonstrates how weak controls, poor judgment, and failure to recognize warning signs can result in significant financial and legal consequences.

Background

Sonya was hired as a mortgage processor with little prior experience in lending or mortgage underwriting. She worked for Charles, an experienced loan originator who specialized in residential real estate investment properties and mortgage financing.

Charles appeared knowledgeable and successful within the mortgage industry. Under his direction, Sonya assisted with preparing mortgage applications, processing documentation, and coordinating loan files for borrowers purchasing residential properties.

At first, the transactions appeared legitimate:

• properties were purchased;
• renovations were discussed;
• mortgage approvals were completed; and
• borrowers moved into homes.

However, many of the transactions involved hidden fraud risks that were not properly questioned or investigated.

The Fraud Scheme

The fraud scheme involved:

• inflated property appraisals;
• falsified gift letters;
• misrepresented down payment arrangements; and
• incomplete or nonexistent property repairs.

Under the arrangement:

• borrowers were told repairs would be completed after closing;
• gift funds were used to disguise financial arrangements;
• appraisals overstated property values; and
• investors and loan participants profited from inflated transactions.

Over time:

• multiple transactions involved the same parties;
• loan files showed similar documentation patterns; and
• properties became financially unstable.

When repairs were not completed and borrowers stopped making payments, foreclosures began to occur. Investigations revealed that many loan files contained fraudulent information and misleading documentation.

Investigation and Legal Consequences

Regulatory authorities and investigators eventually uncovered the broader fraud scheme. Loan files revealed patterns involving:

• inflated appraisals;
• undocumented agreements;
• repeated investor involvement; and
• falsified supporting documentation.

Although Sonya claimed she lacked experience and simply followed instructions provided by Charles, investigators determined there were numerous warning signs that should have raised concern.

Sonya ultimately faced:

• criminal charges;
• legal costs;
• reputational damage;
• employment consequences; and
• significant personal stress.

The case demonstrates that:

• inexperience does not eliminate professional responsibility; and
• lenders and processors must remain alert to suspicious activity regardless of seniority or experience level.

Common Lending Red Flags Identified

Several warning signs appeared repeatedly throughout the transactions.

Individually, some warning signs may not automatically indicate fraud. However, repeated patterns and inconsistencies should prompt:

• additional verification;
• escalation procedures; or
• enhanced underwriting review.

Internal Control Weaknesses

The case also demonstrated weaknesses in internal lending controls and oversight procedures.

Examples of controls that may have reduced fraud risk included:

• enhanced gift letter verification;
• appraisal review procedures;
• internal transaction monitoring;
• branch audits;
• stronger compliance oversight; and
• improved employee training.

Financial institutions must ensure employees:

• understand fraud risks;
• follow verification procedures;
• complete due diligence; and
• feel comfortable escalating concerns when suspicious activity arises.

Fraud prevention systems are only effective when employees:

• apply critical thinking;
• follow procedures carefully; and
• are willing to ask questions when something does not seem reasonable.

Strong fraud awareness helps protect:

• borrowers;
• financial institutions;
• employees; and
• the integrity of the lending process.

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6.7 Balancing Client Needs and Business Objectives

Lenders have a responsibility to protect the financial institution they represent while also supporting clients in achieving their financial goals. Balancing these responsibilities can sometimes be challenging, particularly when lenders face:

• sales targets;
• production expectations;
• client pressure;
• tight timelines; or
• competitive market conditions.

Responsible lending requires lenders to balance client needs, ethical decision-making, regulatory compliance, and sound risk management.

Approving a loan simply to complete a transaction—while ignoring warning signs or qualification concerns—can expose:

• the client;
• the lender; and
• the financial institution

to significant financial and legal risks.

Responsible Lending Principles

Strong lending decisions are guided by principles that support both sustainable borrowing and sound risk management. Common lending principles include:

• safety;
• liquidity;
• suitability;
• security;
• profitability;
• repayment capacity; and
• ethical decision-making.

These principles help lenders determine whether:

• the transaction is appropriate;
• the borrower can reasonably manage repayment obligations; and
• the level of lending risk is acceptable.

Responsible lending is not simply about approving or declining applications. It also involves helping clients understand:

• borrowing risks;
• repayment obligations;
• interest costs;
• financial alternatives; and
• the long-term impact of financial decisions.

Balancing Sales Pressure and Risk Management

Financial institutions often establish:

• growth objectives;
• sales expectations; and
• production targets.

While business growth is important, lenders must avoid allowing sales pressure to override:

• verification procedures;
• underwriting standards; or
• ethical responsibilities.

Even when a transaction appears profitable in the short term, poor lending decisions may result in:

• loan losses;
• fraud exposure;
• reputational damage;
• regulatory penalties; or
• harm to the client’s long-term financial well-being.

Ethical Decision-Making in Lending

Ethical decision-making is an essential part of fraud prevention and responsible lending practices. Lenders are often placed in situations where they must balance:

• helping the client;
• following institutional policies; and
• protecting the financial institution from risk.

Strong ethical decision-making involves:

• honesty;
• professional skepticism;
• fairness;
• accountability; and
• willingness to escalate concerns when appropriate.

Lenders should ask themselves:

• Does this transaction make sense?
• Is the client fully aware of the risks?
• Is the information accurate and properly verified?
• Would I be comfortable defending this decision during an audit or investigation?

These types of questions support stronger lending decisions and reduce the likelihood of inappropriate or fraudulent activity.

The Importance of Professional Judgment

Professional judgment remains one of the most important fraud prevention tools within financial services.

Experienced lenders often identify concerns through:

• inconsistencies in client behaviour;
• unusual transaction patterns;
• incomplete explanations; or
• information that does not appear reasonable.

Professional judgment involves:

• critical thinking;
• attention to detail;
• questioning unusual circumstances; and
• willingness to investigate concerns further.

Fraud prevention practices are most effective when employees:

• follow procedures carefully;
• communicate concerns appropriately;
• apply ethical decision-making; and
• maintain a strong sense of professional responsibility.

Building Trust Through Responsible Lending

Responsible lending practices help:

• protect clients from financial harm;
• strengthen institutional reputation;
• support regulatory compliance; and
• build long-term trust within the financial system.

Clients often rely on lenders and financial professionals to guide them through important financial decisions. As a result, lenders must prioritize:

• integrity;
• transparency;
• due diligence; and
• ethical conduct

throughout the lending process.

Strong fraud prevention and responsible lending practices ultimately support:

• better client outcomes;
• healthier lending portfolios; and
• greater confidence in the financial services industry.

Fraud Prevention Is Everyone’s Responsibility

Fraud prevention is not limited to compliance departments or investigators. All employees involved in lending and financial services play a role in identifying suspicious activity, protecting client information, and supporting ethical lending practices.

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6.8 Chapter Summary

Fraud prevention is an important responsibility within lending and financial services. Financial institutions rely on lenders and financial professionals to identify suspicious activity, verify information, and help protect both clients and the institution from financial harm.

This chapter examined how fraud risks continue to evolve alongside:

• digital banking;
• electronic transactions;
• artificial intelligence (AI); and
• automated financial technology systems.

The chapter explored the importance of:

• Know Your Customer (KYC);
• Know Your Transaction (KYT);
• identity verification;
• transaction monitoring; and
• responsible lending practices

in helping financial institutions detect and deter fraudulent activity.

Common forms of lending fraud discussed in this chapter included:

• straw buyer fraud;
• mortgage fraud;
• auto loan fraud;
• internal banking fraud; and
• identity theft.

The mortgage fraud case study demonstrated how weak controls, poor judgment, and failure to recognize warning signs can lead to significant financial and legal consequences for both individuals and financial institutions.

Effective fraud prevention depends on:

• attention to detail;
• professional skepticism;
• ethical decision-making; and
• willingness to investigate unusual or inconsistent activity.

Strong fraud prevention practices help:

• protect clients;
• reduce institutional losses;
• support regulatory compliance; and
• maintain trust within the financial system.

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Key Terms

Term	Definition
Fraud	Intentional deception used to obtain financial gain or other benefits unlawfully.
Fraud Prevention	Procedures and controls designed to identify, reduce, and prevent fraudulent activity.
Know Your Customer (KYC)	The process used to verify a client’s identity and understand the client relationship before providing financial services.
Know Your Transaction (KYT)	The process of reviewing financial transactions to identify suspicious or unusual activity.
Identity Theft	The unauthorized use of another person’s personal information for fraudulent purposes.
Synthetic Identity Fraud	Fraud involving the creation of a false identity using a combination of real and fabricated information.
Mortgage Fraud	Fraud involving false, misleading, or altered information during the mortgage application or underwriting process.
Straw Buyer	An individual who applies for financing or purchases property on behalf of another person to conceal the true borrower or circumvent lending rules.
Auto Loan Fraud	Fraud involving false information or stolen identities used to obtain vehicle financing.
Internal Banking Fraud	Fraud committed by employees or individuals with internal system access within a financial institution.
Due Diligence	The investigation and verification process completed before approving financial transactions or lending requests.
Anti-Money Laundering (AML)	Laws, regulations, and procedures designed to prevent criminals from disguising illegally obtained funds as legitimate income.
FINTRAC	The Financial Transactions and Reports Analysis Centre of Canada, responsible for monitoring and helping prevent money laundering and terrorist financing activities.
Document Authentication	The process of verifying that documents are legitimate and have not been altered or falsified.
Electronic Identity Verification	Digital systems used to confirm a client’s identity electronically.
Open Banking Verification	Technology allowing secure verification of financial information directly from financial institutions with client consent.
Transaction Monitoring	The ongoing review of financial activity to identify suspicious behaviour or fraud risks.
Professional Skepticism	A questioning mindset used to critically assess information and identify potential concerns or inconsistencies.
Responsible Lending	Lending practices that support sustainable borrowing decisions and appropriate risk management.
Regulatory Compliance	Following laws, regulations, policies, and industry standards applicable to financial services.
Ethical Decision-Making	The process of making professional decisions based on integrity, fairness, honesty, and responsible conduct.

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Reflection Questions

1. Why is fraud prevention considered an important responsibility within lending and financial services?
2. How do KYC procedures help protect both clients and financial institutions?
3. Why is it important for lenders to ask, “Does this transaction make sense?”
4. What are some common warning signs that may indicate fraudulent lending activity?
5. How has technology changed fraud risks within financial services?
6. Why can AI-generated documents create challenges for lenders and underwriters?
7. What are some risks associated with straw buyer mortgage fraud?
8. Why is professional judgment still important even when institutions use automated fraud detection systems?
9. How can sales pressure create ethical risks within lending environments?
10. Why are ethical decision-making and due diligence important in fraud prevention?

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Applied Fraud Scenario

A lender receives a mortgage application from a borrower purchasing an investment property. During the application review, the lender notices:

• employment income appears unusually high for the stated occupation;
• several large deposits recently appeared in the borrower’s bank account;
• the down payment is being provided by a third party;
• supporting documents contain formatting inconsistencies; and
• the borrower appears unfamiliar with details about the property purchase.

The borrower also pressures the lender to approve the application quickly because the “deal must close immediately.”

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Discussion Questions

• What fraud red flags are present in this scenario?
• What additional verification steps should the lender complete?
• Why is KYT important in situations involving unusual transaction activity?
• What risks could the financial institution face if the application is approved without further investigation?
• How should the lender balance customer service with fraud prevention responsibilities?
• What role does professional skepticism play in reviewing this application?
• How could technology assist with fraud detection in this situation?
• Should the lender escalate concerns internally? Why or why not?

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References

CipherTrace Mastercard. (n.d.). Know Your Transaction (KYT). https://ciphertrace.com/glossary/know-your-transaction-kyt/

Financial Transactions and Reports Analysis Centre of Canada. (n.d.). Guidance and compliance reporting requirements. Government of Canada. https://fintrac-canafe.canada.ca/

Cummings, C. (2014, June 5). Inexperience isn’t a defense. Mortgage Compliance Magazine. Northwind International Corp.

Financial Consumer Agency of Canada. (2022, March 31). Opening a bank account. Government of Canada. https://www.canada.ca/en/financial-consumer-agency/services/banking/opening-bank-account.html

Statistics Canada. (2024, March 15). How much is fraud affecting Canadians and Canadian businesses? Government of Canada. https://www.statcan.gc.ca/o1/en/plus/7905-how-much-fraud-affecting-canadians-and-canadian-businesses

Lexico. (n.d.). Definition of straw buyer. https://www.lexico.com/en/definition/straw_buyer

NetGuardians. (n.d.). A-Z of internal banking fraud. https://netguardians.ch/internal-banking-fraud/

Real Estate Council of Alberta. (n.d.). Straw buyer mortgage fraud. https://www.reca.ca/wp-content/uploads/2019/03/Straw-Buyer-Mortgage-Fraud.pdf

Akrani, G. (2010, September 9). Principles of good lending every banker follows – Loans. Kalyan City Life Blog. https://kalyan-city.blogspot.com/2010/09/principles-of-good-lending-every-banker.html

Financial Consumer Agency of Canada. (2024). Mortgages and borrowing. Government of Canada. https://www.canada.ca/en/financial-consumer-agency/services/mortgages.html