Mortgage and savings fraud soar

Measured fraud in the mortgage industry soared between April and June, while across financial services as a whole fraud inched down, according to figures from Experian. Thirty-nine in every 10,000 mortgage applications were fraudulent in the second quarter of 2012, a rise of seven on the same period in 2011. Of these, almost a quarter were due to applicants hiding adverse credit information, while 21 per cent misled firms about their employment history. Savings accounts saw the same increase in fraudulent activity, albeit from a lower base, from six fraudulent applications per 10,000 to 13.