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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.
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