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Finance fraud up a third

Fraudulent car finance applications are up almost a third compared to the same period in 2007.

Since the start of 2008 there has been a dramatic increase in the number of people attempting to obtain car finance fraudulently, according to Experian analysis.

While car finance applications have slowed down, fraudulent applications have continued to rise.

Motor finance fraud has cost £39.3m since the beginning of the year.

Kirk Fletcher, managing director of Experian’s automotive division, said: “The high value nature of vehicles makes the automotive industry a prime target for fraud.

“Over the last 18 months, financial services providers offering loans and mortgages have been tightening their lending criteria. As a result, fraudsters have been turning their attentions to the automotive market and this is reflected by the huge increase in fraudulent car loan applications this year.”

Over the last four years, the total number of fraudulent applications for car finance has increased by more than four and half times, representing a total value of over £147 million.
 

 

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