Experian India Reports Identity Theft at Top of Fraud List

According to a report from Experian India, identity theft is the chief reason that fraudulent transactions occur in the financial sector. The report found that identity theft represents 77 percent of the fraud cases in India in the first quarter of 2015. Car loans, mortgage loans, and credit cards all experienced the higher number of fraud cases.

Loans for consumer goods topped the list of frauds, followed closely by credit card fraud, said Mohan Jayaraman, the managing director of Experian Credit Information Company of India. Most consumer good loans are processed over-the-counter, he noted, in contrast to mortgage loans, which generally take several days to process. However, mortgage loans still experienced an increase in number of frauds totaling 50 percent.

Falsifying proof of address was the most popular fraud method used by scammers, while the next most common crime was hiding negative credit status when applying for an auto loan.

The Experian report is based on fraud trends discovered between the first quarter of 2014 and the same period in 2015.

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