Car finance fraud 'on the rise'

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Car finance fraud 'on the rise'

The number of people fraudulently applying for car finance increased by just over 30 per cent between quarter one and quarter three of this year, it has emerged.

Kirk Fletcher, managing director of the Experian's car division, said the automotive industry was ripe for fraud due to 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 commented, adding: "Despite this, fraudulent applications have still continued to rise."

According to Experian, the number of fraudulent car finance applications has increased by more than 4.5 times over the last four years.

With more than 600 clients in the UK, Experian is a world leader in providing consumers and organisations with information, analytical and marketing services to help them manage the risk and reward of commercial and financial decisions.

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