Executives from Scotiabank, HSBC, and Citibanamex, alongside representatives from other financial institutions, gathered at the 11th National Convention of SOC Financial Advisors in Riviera Maya, Quintana Roo. The main topic of discussion was the concerning rise of mortgage fraud in Latin America, which has tripled in the last three years.
Paulina Prieto Higuera, Vice President of Mortgage and Auto Credit at Scotiabank Mexico, expressed her concern about the increasing cases of fraud in the region, mentioning that three years ago they were scarce. She detailed that the most common modalities are identity theft, employment or income fraud, and appraisal fraud, indicating the need to implement stronger preventive measures.
Miguel Saucedo, director of Saucedo and Lawyers, pointed out that mortgage fraud has become more prevalent in countries like Mexico, Brazil, Colombia, and Central America. He highlighted that banks and the College of Notaries are incorporating measures such as the collection of biometric data to combat identity theft.
Enrique Margain, executive director of personal loans at HSBC, emphasized the importance of a solid "origination" when granting mortgage loans, stressing the need to thoroughly know the customer and verify employment and property information as a key strategy to prevent fraud.
At the event, Gonzalo Palafox, director of Mortgage Banking at Citibanamex, agreed on the importance of knowing the customer in detail, as fraudsters often present false employment documentation. Collaboration between entities was revealed to be key to tackling the challenge of mortgage fraud in Mexico, with stakeholders like Fernando de Abiega, CEO of SOC, highlighting the importance of working closely with financial partners to expand access to mortgage loans.
The resilience of mortgage credit in Mexico was emphasized, with growth in the credit portfolio despite rising interest rates. Cooperation among institutions is presented as essential to protect financial entities and clients, ensuring trust in the mortgage system in the region.
