Surge in current account fraud
Originally posted by 5corpio

There was a sharp increase in fraudulent attempts to open current accounts in the UK during the first three months of 2011, research from Experian has found.

The credit reference agency found 35 in every 10,000 current account applications were detected as being fraudulent during the first quarter of 2011. This was 58% higher than in the fourth quarter of 2010.

As a result, for the first time, current account application fraud overtook mortgage and automotive finance fraud rates to become the most targeted financial product.

Attempted mortgage fraud increased by 7% quarter-on-quarter during the first three months of the year with 34 in every 10,000 applications uncovered as fraudulent in the first quarter, the second busiest period for mortgage fraud ever recorded by

Read more on this story: Credit Today online