Attempted Mortgage Fraud Up 14 Percent
Posted on:
13
Apr
2011
by Huw Thomas
Mortgage fraud attempts increased by 14 percent to 32 in every 10,000 applications during 2010, according to research from Experian.
The credit rating agency said that typical mortgage fraud attempts involved individuals inflating the prospects or status of their employment and personal finances or failing to disclose previous addresses in order to conceal adverse credit history. Fist party fraudsters were revealed to be responsible for 97 percent of reported cases. Along with automotive insurance, Experian found the mortgage industry to be the most targeted by fraudsters.
“Fraud in the UK is a growing billion-pound illegal business with fraudsters resorting to innovation and inventiveness, targeting any perceived weaknesses in the system,” saied Experian’s director of identity and fraud Nick Mothershaw. “Fuelled by the recession’s aftermath, it is likely that financial services providers could see fraud attempts rise during 2011.
“To manage the financial and reputational risk fraud presents, organisations must ensure they have the right defences in place that allow rigorous validation and verification of identities and information while still being able to provide the convenience and experience genuine customers expect.”
ya this is so true that Along with automotive insurance, Experian found the mortgage industry to be the most targeted by fraudsters. and i am so happy that you share a this information to all......
ya this is so true that Along with automotive insurance, Experian found the mortgage industry to be the most targeted by fraudsters. and i am so happy that you share a this information to all……