According to the Finance and Leasing Association, motor finance fraud rose by 6.1% last year, with its members reporting £15m of fraudulent transactions.
From the 1 September anyone applying for car financing will have to produce a current cheque guarantee card, credit card or employer’s security pass including a photograph.
In addition there will be the introduction of ultra-violet lights to check the authenticity of driving licenses.
New technology has already been set up which allows finance houses, insurance companies and consumers to instantly check the authenticity of any vehicle, using a mobile phone text messaging service.
Just one half of UK practices have implemented a pricing structure around auto enrolment implementation and advice - with many suffering increased costs
Deloitte's north-west Europe foray; BDO, Smith & Williamson investment paths; Shelley Stock Hutter; and Wilkins Kennedy discussed by editor Kevin Reed on our Friday Afternoon Live broadcast
Accountants should alter their perspective on auto-enrolment to maximise business opportunities, according to Eric Clapton.
Kevin Reed discusses whether new accountancy group Cogital can rival the Big Four...and its likely direction of travel