Commonwealth Bank has reported itself to police over $1 billion worth of possible mortgage fraud, marking what could be the largest fraud case against an Australian bank. Cybersecurity experts suggest criminals are using data from previous breaches like Optus, Medibank and Latitude, combined with artificial intelligence tools, to create fraudulent documents including payslips and bank notices for loan applications. The case follows NAB's $150 million fraud incident last year, highlighting ongoing vulnerabilities in lending processes and the need for enhanced verification procedures in the banking sector.

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