Experian: Car finance fraud applications 'on the increase'
Motor trades
14th November 2008
The number of fraudulent car financing applications has increased by around one-third (30.4 per cent) between quarter one and quarter three of this year, it has emerged.
Kirk Fletcher, managing director of Experian's auto division, said the motor trade was particularly vulnerable to fraud because of the high value nature of vehicles.
"Most recently, applications for car finance have begun to slow down and August and September saw a drop in activity," she said, adding: "Despite this, fraudulent applications have still continued to rise."
Research by Experian found that the number of fraudulent car finance applications has gone up by over 4.5 times over the last four years.
Experian has more than 600 clients in the UK, covering a wide range of markets including financial services, retail, home shopping, telecommunications, utilities and media.
The firm's automotive division provides powerful data insight to organisations within the automotive industry, including manufacturers, motor retailers, motor finance companies and insurance providers.
