Rise in fraudulent car finance applications

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A new survey has found there has been a rise in the number of fraudulent car finance applications.

Research by Experian found that during the first three quarters of 2008 there has been a 30.4 per cent rise in motor finance fraud compared to the same period in 2007.

The amount of fraudulent applications discovered total £39.3 million.

Over the last four years, the amount of fraud in the car market has increased by over four-and-a-half times, with a total value of £147 million.

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.

"Most recently, applications for car finance have begun to slow down and August and September saw a drop in activity. Despite this, fraudulent applications have still continued to rise."

A recent survey by AXA found that one in three people in the UK lie about their financial situation.

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