Dealerships work with lenders to detect bogus loan applications.
Vehicle-finance fraud in the U.K. fell 6% in the second quarter to 184 cases, with 743 incidents reported by lenders over the previous 12 months. The Finance & Leasing Assn. says its members and their dealer partners prevented at least 1,760 cases of attempted fraud at the application stage during the quarter, helping avoid losses of more than £23.8 million ($37.8 million). The association says first-party fraud, including fronting, was the most common type of motor-finance ...
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