Motor finance fraud cases down 14%

The number of motor finance fraud cases dropped in 2010, despite more cars being sold on finance, figures have revealed.

Motor finance fraud cases fell by 14% in 2010, according to a report from the Finance and Leasing Association (FLA).

The overall value of motor fraud was down 13.5% to £14.6 million, with a total of 832 cases reported.

More than 9,000 cases of suspected or attempted fraud in 2010 were prevented by FLA members during the year, saving an estimated £116 million.

FLA head of motor finance Paul Harrison 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."

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