View more on these topics

Fraud rockets due to credit crunch, says CIFAS

CIFAS has blamed the credit crunch for a 10% rise in fraud cases.

The fraud prevention organisation says the amount of cases filed have risen by 10% in Q1 2008 from Q1 2007, amounting to more than 52,000 cases.

Of those more than 14,500 fell victim to identity fraud related to either their current or previous address.

This is where either a resident is victimised by someone they share an address with or when a person is falsely represented as having moved house on an application form.

Application form fraud cases increased by 13% in Q1 with the most frequent issue being a failure to disclose a previous address in order to avoid accurate credit history checks.

Peter Hurst, chief executive of CIFAS, says: “Fraudsters need a more complete data-set in order to perpetrate current address fraud, so this shift is further evidence of their increasing sophistication.

“Those who think that lying on application forms will give them any advantage need to realise that their efforts are counter-productive. Fraud data sharing means that such lies are easy to detect and far from enhancing an applicant’s chances, will be detrimental to their application.”

He adds: “Telling the truth, even if it is slightly less palatable, remains the best policy.”


Lenders should hike not slash proc fees

Tightening criteria, direct-to-consumer product ranges and lenders considering proc fees cuts – there’s been a lot for brokers to contend with recently.

Property prices fall for seventh month running

A Hometrack survey has revealed a drop in house prices across 51% of the UK, making this the seventh consecutive month of falling av-erage property values.The survey shows the average house price fell 0.6% in April as es-tate agents reported falls in both po-tential buyer numbers and sales agreed.Hometrack says sellers are also achieving less […]

Red Roar

Not too many Riises to be cheerful for Mole at Anfield last week as his beloved Liverpool dropped a shocking 95th minute clanger against a dismal Chelsea.

Solent Mortgage Services signs up to Gravity

Solent Mortgage Services has become the fourteenth packager to sign up to Gravity.Solent Mortgage Services has become the latest company to sign up to use the sourcing engine behind Orbiter Group’s Gravity, mortgage sourcing and processing system.SMS will use the sourcing engine to enhance its online proposition for satellite packagers and intermediaries. The sourcing engine […]

Sub-Saharan Africa Near-Term Outlook

By Paul Caruana-Galizia, Neptune Economist

Sub-Saharan Africa’s economic renaissance continues. After growing at an average rate of five per cent over the past decade, the IMF projects an acceleration to 5.5 per cent growth among Sub-Saharan economies in the next two years, as developed economies emerge from the crisis. We expect this growth to be sustainable for three broad reasons.


News and expert analysis straight to your inbox

Sign up