MOTOR finance fraud cases fell 14% in 2010 despite more cars being sold on finance than in the previous year, that’s according to the latest report from the Finance and Leasing Association (FLA).
The association reported that the value of motor fraud cases overall in 2010 was £14.6 million, down by 13.5% on last year's value. There were 832 cases of motor fraud in 2010. The reduction reflects the commitment of lenders to tackle financial crime and keep credit affordable.
While 832 cases of fraud slipped through lenders' checks, FLA member finance companies prevented over 9,000 cases of suspected or attempted fraud in 2010 and therefore avoided at least £116 million of fraudulent losses.
Commenting on the success, Paul Harrison, the FLA's head of motor finance, said: "Motor finance fraud was down 14% in 2010 as a direct result of lenders and motor dealers carefully scrutinising credit applications before approving deals. It is near impossible to prevent all fraud - particularly as some cases only come to light after credit has been granted - but industry continues to work hard to stay ahead of fraudsters.”
KIS Cars - Vehicle Supply, Sourcing & Finance
Ph: 01277 725111
www.kiscars.co.uk
Souce: MSNCars
The association reported that the value of motor fraud cases overall in 2010 was £14.6 million, down by 13.5% on last year's value. There were 832 cases of motor fraud in 2010. The reduction reflects the commitment of lenders to tackle financial crime and keep credit affordable.
While 832 cases of fraud slipped through lenders' checks, FLA member finance companies prevented over 9,000 cases of suspected or attempted fraud in 2010 and therefore avoided at least £116 million of fraudulent losses.
Commenting on the success, Paul Harrison, the FLA's head of motor finance, said: "Motor finance fraud was down 14% in 2010 as a direct result of lenders and motor dealers carefully scrutinising credit applications before approving deals. It is near impossible to prevent all fraud - particularly as some cases only come to light after credit has been granted - but industry continues to work hard to stay ahead of fraudsters.”
KIS Cars - Vehicle Supply, Sourcing & Finance
Ph: 01277 725111
www.kiscars.co.uk
Souce: MSNCars
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