ExperianExperian India launched the ‘Fraud Report 2016’ showcasing the fraud trends in the banking and financial services industry. In India identity theft accounts for 77 per cent of the fraud cases in Q1 2015.  Amongst various financial products, auto loans, mortgage loans and credit cards have seen the largest number of fraud cases from identity theft represented by 85 per cent of the total detected frauds in Q1 2015.

Amongst various financial products, auto loans, mortgage loans and credit cards have seen the largest number of fraud cases from identity theft represented by 85 per cent of the total detected frauds in Q1 2015. Frauds due to applicants submitting fraudulent contact information has risen by 3% contributing to 18% of all detected frauds. Amongst, all financial products, consumer loans continue to record the highest fraud incidence rates followed by credit cards. The mortgage portfolio has observed a 50% increase in the fraud incidence rate.

The Experian report highlights that falsification of address proof is the most popular behavior seen amongst fraudsters, and hiding of adverse credit is the most common behavior especially in the automotive loan category followed by mortgage fraud. In case of mortgage loans, it has been seen that fraudsters also have used false employment status to avail the loan.

Source: Express Computer