ID fraud insurance policies increasing

The number of ID fraud insurance policies has been growing in recent years as ID theft has become more prevalent, but many people still have not considered taking out this kind of insurance, Equifax has said.

According to the company, many people do not think they will be affected by ID fraud and therefore do not take out an insurance policy against it.

The UK’s fraud prevention service CIFAS said that 77,500 cases of ID fraud were reported last year.

In February 2008, research from the insurance company CPP found that London is the worst place for credit and debit card fraud and theft, with 20 per cent of Londoners reporting that they have had credit cards stolen and 28 per cent saying they have been a victim of credit card fraud in the past.

Neil Munroe, external affairs director of Equifax, said: “There are more policies out there and they are quite varied in what they cover, from basic support to more involved support, but they do vary in terms of what they will offer you.”

Tags: service cifas, UK's fraud prevention, Neil Munroe, Credit card, Ethics, Insurance