Widespread fraud could lead to increased uptake of debt advice
Widespread fraud could lead to increased uptake of debt advice
Monday 2nd November 2009
According to data from the 260 member organisations of CIFAS, Britain's fraud prevention service, there has been an 11 per cent rise in fraudulent activity in the first nine months of 2009 compared to the same period last year.
It is believed that this may lead to an increased demand for debt advice, particularly as people are paying closer attention to their finances because of the fragile state of the economy.
There were a total of 175,000 reported cases of fraud in the period between January and September, while a 38 per cent increase in facility fraud, which involves the misuse of an account, policy or other facility, was recorded.
CIFAS chief executive Peter Hurst explained that, once a false account is set up, a "wide variety" of other frauds can become possible.
"This criminal cash flow affects us all - individuals, businesses and the public sector alike," he said.
"The need to stem the flow of fraudulent finance, therefore, is a shared responsibility with shared benefits - and one that we cannot afford to ignore."
More than half of facility fraud cases involved the use of a bank account, while credit cards - often the cause for the need for debt management - are also a popular product for a fraudster to use.
KPMG's Fraud Barometer recently revealed that there had been 160 cases of serious fraud in the UK during the first half of this year, with the crimes having a combined value of £636 million.
News article brought to you by Debt1 – Confidential Advice for Managing Debts
Related News
Duchess of York may require debt management - 30/10/09
Sarah Ferguson, the Duchess of York, has revealed that she has debts of £600,000 after her lifestyle company Hartmoor collapsed
Sarah Ferguson, the Duchess of York, has revealed that she has debts of £600,000 after her lifestyle company Hartmoor collapsed
Debt consolidation could be required by motorists following petrol price rises - 29/10/09
Prices at petrol pumps are now at their highest level this year, according to figures released by the AA
Prices at petrol pumps are now at their highest level this year, according to figures released by the AA
Debt management most needed in coastal towns - 28/10/09
Coastal conurbations have the highest rates of personal bankruptcy among Britain's largest towns and cities, according to new research by accountancy firm Wilkins Kennedy
Coastal conurbations have the highest rates of personal bankruptcy among Britain's largest towns and cities, according to new research by accountancy firm Wilkins Kennedy
Debt management could help with scary Halloween costs - 26/10/09
British parents will spend £200 million on Halloween according to new research by Egg, at over £15 per family on average
British parents will spend £200 million on Halloween according to new research by Egg, at over £15 per family on average
Could CBI proposals ease personal debt management needs? - 21/10/09
The Confederation of British Industry (CBI) has put forward a number of proposals to the government in the hope of reducing the country's public sector debt levels
The Confederation of British Industry (CBI) has put forward a number of proposals to the government in the hope of reducing the country's public sector debt levels
News Article Search
Quick Apply
News Archive