In money terms, that sharp rise represents a total loss of £39.3 million!
Tighter lending criteria is to blame. As Experian Automotive’s MD, Kirk Fletcher, explains, financial service providers have been getting more strict.
‘Fraudsters have been turning their attentions to the automotive market, and this is reflected by the huge increase in fraudulent car loan applications this year.’
‘The high value nature of vehicles makes the automotive industry a prime target for fraud.’
Car finance applications have actually been slowing in recent months. But, says Fletcher, fraudulent applications have still continued to rise. The past four years have seen fraud increase by four and a half times – a total value of more than £147million.
This means your business is at real risk of losing out.
‘In today’s tough trading environment, automotive businesses need to focus on mitigating their exposure to risk, and the latest fraud detection and prevention technologies support the sales process when quick decisions on car loan applications are needed.’