FLA members’ efforts to curb fraud saved them a total of £123
million in 2008, the association said.
The number of reported cases of car finance fraud fell by 36
percent in Q4 2008 compared with the same quarter in 2007, said the
FLA.
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Over the course of the year, FLA members managed to detect
10,500 fraudulent applications which, if approved, would have
resulted in loans worth over £123 million written.
Application fraud – the giving of false information in an
application – was the most common form of fraud detected, at 30
percent.
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