Car Finance Fraud 'On The Rise'

Motor insurance customers may find more checks are conducted before they are accepted for car finance in the future, after dealers were advised to crackdown on fraudulent applications.

Global information services company Experian has claimed the automotive industry needs to be careful as fraudsters have recently started targeting the vehicle industry as a way of obtaining money.

The managing director at Experian, said: "Over the last 18 months, financial services providers offering loans and mortgages have been tightening their lending criteria."

He added as a result "fraudsters have been turning their attentions to the automotive market". Despite a recent drop in requests for car finance fraudulent applications have still continued to rise.

While tackling this fraud is difficult – criminals are going to considerable lengths such as buying companies and securing credit ratings for them before attempting to deceive the vehicle or finance suppliers – there are new trends emerging.

As a result, a national fraud reporting centre and a national fraud intelligence bureau have just been established to help in the fight against fraud. In addition, AVCIS, the police national vehicle crime intelligence service, has been established to target criminals obtaining credit or vehicles fraudulently.

Be Wiser is a quality provider of Motor insurance.