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Under the deal, Finsure’s new platform Metanoia, which debuted in March and is being rolled out in stages, will integrate document fraud detection directly into the CRM.
The software will use document forensics, data analysis, machine learning, and other techniques to identify anomalies and potential manipulation in financial documents such as payslips, bank statements, and tax documentation.
Fortiro CEO and co-founder Sean Quagliani said that fraud had become “easier to execute and increasingly difficult to identify” in recent years, prompting the development of a tool he said was a “first of its kind in the industry”.
“Fortiro’s new purpose-built solution complements the verification that lenders undertake in their own businesses. By giving Finsure’s brokers confidence in the documents they receive, they can spend more time focused on the borrower outcome while supporting strong protections across the mortgage ecosystem,” Quagliani said.
“Fortiro’s new purpose-built aggregator offering is initially available through our partnership with Finsure.”
Finsure said its newly built CRM, Metanoia, was developed in-house, allowing AI capabilities to be incorporated into the platform’s underlying architecture.
According to the aggregator, this enables what it calls an “agentic team” to operate across a broker’s workflow, from client engagement through to loan processing and ongoing management.
Mortgage fraud under scrutiny
The partnership comes as the mortgage industry grapples with increasingly sophisticated fraud, often facilitated by AI through the rapid creation of convincing falsified documents and financial information.
Last week, several accounting firm employees were charged over their alleged roles in facilitating fraudulent loan applications linked to the so-called Penthouse Syndicate.
This investigation, known as Strike Force Myddleton, has now charged 33 people, two of whom, Andrew Hu and Thu Huong Nguyen, were aggregating with Hai Money, a sub-aggregator previously under Finsure.
Additionally, AUSTRAC last month said it had identified “potentially hundreds of millions” of dollars in suspected fraudulent loans through Operation Claw, along with “system weaknesses” across the lending sector.
Major banks have also called for customer-consented ATO data sharing through the Consumer Data Right, saying in March that the reform could help combat increasingly sophisticated fraud.
Lenders are also developing their own fraud controls. Commonwealth Bank of Australia has announced an agentic AI system designed to help detect fraud, following concerns it identified around potential mortgage fraud worth about $1 billion.
Finsure CEO Simon Bednar said the partnership with Fortiro would support the aggregator’s response to changes in the fraud landscape.
“As an aggregator, one of our most important responsibilities is protecting our brokers, their businesses and their relationships with lenders,” Bednar said.
“We are amid an AI arms race. The technology available to criminals is becoming more powerful, more accessible and considerably harder for a person to detect simply by looking at a document.
“We wanted a partner at the forefront of this space, with proven technology already being used across some of Australia’s leading financial institutions.
“Fortiro has established itself as a market leader in document fraud detection and we want to bring that expertise to our network through a purpose-built solution.”
[Related: Warning issued as bank scams grow in sophistication]
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