Police Partnership With Finance Companies Recovers £3.5 Million From Care Fraud
Wednesday, 06 October, 2010
A unique partnership between the police and the finance industry has saved nearly £3.5 million in the last 12 months by recovering cars fraudulently obtained on car finance. The recoveries mean the industry suffers fewer losses and keeps costs down for motorists.
Since September 2009, the Vehicle Fraud Unit of the Association of Chief Police Officers' (ACPO) Vehicle Crime Intelligence Service (AVCIS) has recovered 200 cars worth £3.4 million on behalf of FLA member motor finance companies and has arrested over 60 fraudsters for the associated crimes.
AVCIS was established in 2007 using private funding from the Finance & Leasing Association. FLA members provide finance to consumers and businesses for the purchase of cars. Since its inception three years ago, the AVCIS police officers have recovered £12.4 million-worth of cars obtained using fraudulent motor finance.
As a result of AVCIS' continued success, the FLA has agreed to sponsor the unit for a fourth consecutive year.
Paul Harrison, Head of Motor Finance at the Finance & Leasing Association, welcomed the continued partnership with AVCIS:
"By catching fraudsters our partnership with the police is helping motor lenders to stay competitive and pass on cost savings on to their customers through affordable finance deals. During the recession, while budgets remain tight, it's especially important that the fraudulent actions of a few do not result in higher repayments for law-abiding motorists. Finance fraud is not a victimless crime - it costs money for the lenders, the police and the driving public at large.
"We continue to highlight the Unit's success to the Home Office and make the case for continued Government funding in this important area. I would like to thank everyone at AVCIS for all of their hard work this year."
Head of the Vehicle Fraud Unit at AVCIS, DI Andy MacKay, said:
"I'd like to thank the FLA and its members for their continued support of our work to combat vehicle fraud. Not only are we recovering fraudulently-obtained vehicles for their legal owners, but we are denying criminals the use of what appear to be legitimate vehicles, sending a clear message to fraudsters - that they will be caught."
