Mortgage Fraud increases sharply this year

Over the course of just one year mortgage fraud has jumped by about 77% as many desperate home owners sought out the best mortgage rates by placing fraudulent information on their home loan applications. According to a new report from the credit agency Experian, there was a shocking 77% increase in the amount of people who lied on their mortgage applications during the second quarter of this

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Credit fraud amounting to £1.2bn a year in Europe

Europol, the EU police agency, stated that every year criminal gangs are able to make about £1.2bn from credit fraud. The statement was made at the same time that regret was expressed by the agency that better security features and overall compliance is still patchy throughout the nation.

In 2011 almost all of the fraud that pertained to EU cards took place outside of the EU

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Stolen credit cards used to buy high end goods at top auction houses

Fraudsters were able to use credit card details that they stole in order to purchase some expensive high end watches and jewellery items from top auction houses including Christie’s and Bonhams. The credit card details were stolen from people that live in the US and Canada and were used by a four member gang to register accounts as telephone bidders.

It was claimed in court that

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Cromwell hacker jailed for 3 years after £26.9m credit card fraud

After enabling over £26.9 million in credit card fraud, a Cromwell hacker has been given a three year jail sentence. Twenty-one year old Jay Moore set the website Freshshop so that cyber criminals could trade stolen payment card data.

When the home of his parents was raided by officers from SOCA (Serious Organised Crime Agency) almost £81,000 was discovered in his bedroom. Card details for over

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Credit card losses fall but cheque fraud is on the rise

In 2011 the number of card losses fell by over six percent to reach a figure of nearly £350 million.

In the last three years, the number of card losses has fallen by nearly 50 percent, according to figures released by Financial Fraud Action.

There is also good news in the online banking sector, as the amount of fraud seems to have reduced by nearly 25 percent

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