The Money Stop

Direct Line has responded to the latest Home Office figures on identity theft by adding Identity Fraud Assistance to its home insurance policy.

The latest figures from the government indicate that identity fraud is the UK’s fastest growing crime and it currently costs the economy up to £1.7 billion per year.

Andrew Lowe, head of home insurance for Direct Line, said the numbers threatened has increased over the last eight years.

“Victims of identity fraud could encounter debt collectors, court actions and difficulties getting a mortgage, credit card or bank account if their credit report is not corrected,” he warned.

Meanwhile, figures from Cifas, the UK’s fraud prevention service, show that 136,966 incidents were reported in the period between January and September 2007, almost a ten per cent increase on the findings for the same period in 2006.

In some cases of identity fraud, without expert help and advice, it may take the victim as long as 400 hours and cost up to £8000 before things are put right.

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