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Fraudulent car loans `on the increase`

The number of fraudulently obtained car loans rose during the first three-quarters of this year compared with the same period last year, it has been revealed.

According to figures produced by Experian, such illegal activity increased by 30.4 per cent over the three-month period, with motor finance fraud totalling 39.3 million since the start of 2008.

The organisation suggested that financial service providers have been tightening their lending criteria and, as a result, fraudsters have been turning their attention to the automotive market.

Kirk Fletcher, managing director of Experian`s automotive division said: "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."

In other news, research conducted by CPP has shown that one million children are regularly shopping over the internet without permission, with 50 per cent secretly using credit card details to purchase items, potentially risking credit card debt for their parents.

Fees payable when continuing service is provided. Repaying debt over a longer period may increase the total amount to be repaid. Calls are recorded and are usually free from UK landlines. Mobile phone users may be charged and should check with their service provider. Cards are provided by third parties and are subject to eligibility, status and terms and conditions. Applicants must be UK residents aged 18 or over.

Calls may be recorded for training and quality purposes. Calls to 0800 numbers from BT landlines are usually free, but you should check with your network provider for full details of your service.

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