MORE than £100 million was saved last year by fraud-busters in the credit industry.
The cash was saved by banks and credit companies keeping tabs on potential fraudsters and bad debtors. The figure was revealed at the annual general meeting of the Credit Industry Fraud Avoidance System. The system works by lenders, credit card companies and credit reference agencies sharing information on potential con artists and blocking their application for loans which they have no intention of repaying. During 1997 CIFAS claims to have stopped £113.5 million being lost in 104,000 attempted frauds, an increase of 42 per cent on 1996. Ken Cherrett, chairman of CIFAS, said: "These benefits represent fraud and bad debt avoided, so they never appear on any profit and loss statement."
Converted for the new archive on 30 June 2000. Some images and formatting may have been lost in the conversion.
Comments: Our rules
We want our comments to be a lively and valuable part of our community - a place where readers can debate and engage with the most important local issues. The ability to comment on our stories is a privilege, not a right, however, and that privilege may be withdrawn if it is abused or misused.
Please report any comments that break our rules.
Read the rules hereComments are closed on this article