ID fraud insurance should offer a copy of credit files, says expert

People looking for ID fraud insurance should make sure the policy offers them a copy of their credit file, Equifax has said.

Neil Munroe, external affairs director of the company, said that if someone steals a person’s ID, they are likely to try to apply for credit in that name so a policy that provides a copy of the credit file is important.

According to CIFAS, the UK’s fraud prevention service, there were 77,500 cases of ID fraud last year.

Earlier this year, research carried out by CPP revealed that London is the worst location for credit and debt card fraud and theft.

Commenting on what people should look for when buying an ID fraud insurance policy, Mr Monroe said: “Some policies may well do more to help take over your case and sort it out for you, and these would be more valuable than ones that just offer you basic advice.”

Tags: equifax, credit files, london, director of the company, said.neil munroe, Financial economics, Credit rating agencies

Consumers ’should help prevent credit card fraud’

Consumers and financial institutions have a joint responsibility to prevent card fraud, claims one expert.

Although banks have a “definite responsibility” to protect consumers, individuals should also be more stringent with their financial information.

Danny Harrison, a fraud expert from life assistance company CPP, commented that people should be careful when using chip and pin because others could “look over their shoulder – fraudsters have been sold some devices that use cameras which can get the pin number”.

Other tips from CPP included people making sure that their post is secure and taking care that credit and debit cards do not leave their sight in restaurants and shops.

A potential problem can also be caused by writing down passwords and pin numbers.

Card Watch reported that in 2007, £535.2 million was lost as a result of credit card fraud.

However, CPP also found that almost three-quarters of those surveyed believe it is the sole responsibility of the banks or credit card companies if a problem arises through their products.

Although 74 per cent thought individuals should be responsible for minimising the risk of card fraud, 65 per cent also thought that responsibility lay with the banks.

Tags: care, CPP, life assistance, banks, use, sight, shoulder, definite responsibility

London’s size responsible for title of worst city for card fraud

The size of London and its population are the main reasons behind its recent labelling as the UK’s worst city for credit and debit card fraud, one financial expert claims.

According to payments association APACS, the fact that there are more cards in issue in London and therefore more transactions and more retail outlets are the reasons behind the city being crowned the UK’s “fraud hotspot”.

Mark Bowerman, a spokesperson for APACS, said that despite the difference between regions in the numbers of people, ways of consumers protecting themselves against card fraud are the same.

“As long as you are a cardholder who’s following common sense precautions you can minimise the chances of yourself becoming a victim; and [they are] the same steps to take whether you’re in London or in Yorkshire,” he added.

New research from the CPP Group revealed that London has overtaken Birmingham as the worst city for credit and debit card fraud.

In only a year, the capital city has risen from fifth to first position in the UK’s top ten of card fraud hotspots.

Tags: common sense, economics, CPP, victim, issue