Car Finance Fraud On The Internet Rising

Saturday, 4. October 2008

Fraud is on the increase as consumers and small businesses are driven to desperate lengths. Not only are applicants providing incorrect details and proofs, brokers are also falsifying documents in order to ensure that applications are accepted and they earn their commissions. There has also been an increase in premeditated motor finance crime with multiple applications being made in the expectation that one will be accepted and the car(s) exported to Eastern Europe, Africa or the Far East. There have also been cases where cars have been fraudulently obtained on contract hire then sub-letting them. The real worry is when an internet broker does something unbeknown to the customer who then finds himself subject to a criminal investigation if the fraud is uncovered and the broker denies all knowledge. Another reason why you should know your broker and not just use anyone off the internet. By Graham Hill