Car buyers face new anti-fraud checks
Due to increasing levels of motor finance fraud, consumers applying for financing to buy a new or used car will face tough new anti-fraud measures.
Link: Police shortages hamper UK’s fraud battle
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.