Attempted mortgage fraud increased dramatically in the three months to the end of September 2011, Experian has reported.
According to its latest Fraud Index, 49 in every 10,000 mortgage applications were found to be fraudulent, an increase of 77% on the same period in 2010 and 53% more than in the second quarter of this year.
Current accounts also continued to be frequently targeted by fraudsters, with 30 in every 10,000 applications being revealed as fraudulent. Although this represents an increase of 48% on Q3 2010, it was 30% lower than in Q2 2011.
Fraudulent savings account applications rose in Q3, up 47% year on year and 16% over the last quarter.
Nick Mothershaw, director of identity and fraud at Experian UK & Ireland, said: “More than 90% of mortgage fraud tends to originate from genuine individuals misrepresenting their financial situations attempting to buy property that would ordinarily be out of reach.