Rise in fraudulent car finance applications

Fix energy prices until 30th September 2017

Looking to switch your business energy supplier? Click here

Use our OFGEM accredited comparison tool to compare the whole market today.

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.

Click here to run an energy price comparison, and see if you could be paying less for your gas and electricity.


Found this page interesting?

Help spread the word and share this page with your friends and family on your social networks.