Mortgage fraud has rocketed by 77% in a year and increased by more than half in the third quarter of this year compared to the second quarter.
Fraudulent mortgage applications reached 49 in every 10,000 during the third quarter of this year, a quarterly increase of 53% and up 77% on the same period in 2010.
Credit card fraud has also increased for the third consecutive quarter, up 10% on Q2 2011 and 7% annually. The fraud rate for credit cards now stands at 13 in every 10,000 applications, the highest level since the period of April to June 2010.
Current account fraud also rose by 48% year on year to 30 in every 10,000 applications, but this was a 30% reduction on the previous quarter.
Nick Mothershaw, director of identity & fraud at Experian UK & Ireland, which compiled the figures, said: “More than 90% of mortgage fraud tends to originate from genuine individuals misrepresenting their financial situations attempting to buy property that would ordinarily be out of reach.
“Current accounts continue to be frequently targeted, which combined with the growth in savings account fraud, points towards an increasing trend for deposit accounts to be targeted for money laundering purposes or to then be used as a springboard to more lucrative credit products.”
Despite the rise in some sectors, attempted automotive finance fraud fell for the fifth consecutive quarter to 21 in every 10,000 applications in Q3 2011, down 49% on the year, and 12% on the quarter.
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Be honest when it comes to providing the information asked by the mortgage company. Unfinished or falsified data might cause a longer application process or even raises the probabilities of disapproval.