Driven by fake credit applications and identity theft, automotive fraud has surged 54 per cent from a year ago, a report from Equifax Canada has found.
"That kind of increase really indicates there's a specific targeted attack to that sector," said Carl Davies, head of fraud and identity at Equifax Canada, in an interview.
Rising vehicle prices in recent years have made the industry a target for fraud, Davies said, while in his opinion, recourse against criminals remains limited. About 60 per cent of fraud within the auto sector was related to consumers misrepresenting their financial situation, Davies said. While that's roughly comparable with last year, it remains a concern for lenders.
Canada Latest News, Canada Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
ID theft and false credit applications drive 54% surge in auto fraud: Equifax CanadaDriven by fake credit applications and identity theft, automotive fraud has surged 54 per cent from a year ago, a report from Equifax Canada has found.
Read more »
54-MH-24: MENTAL HEALTH INTAKE WORKERPosition Overview: Under the direction of the Manager of Access Network Coordination, the Intake Workers are responsible to manage the day to day operations of the Access Network and will ensure that completed intakes are distributed to the appropria
Read more »
Husband and wife sculptors reflect on 54 years of workIt's been a relationship forged in bronze.
Read more »
54 works of Canadian nonfiction to check out this fallIn Exile is a book by Sadiya Ansari, pictured.
Read more »
Trippier retires from England soccer duty after playing 54 timesKieran Trippier announced his retirement from international soccer on Thursday after playing 54 times for England.
Read more »
‘Perfect is good enough’: Husband and wife sculptors reflect on 54 years of workDon Begg and his wife Shirley have worked side-by-side for 54 years at Studio West Bronze Foundry & Art Gallery, their vast space in Cochrane, Alta., northwest of Calgary.
Read more »