“While ID protection services may have a degree of value, they shouldn't be used as a reason to take an otherwise uncompetitive product,” warned Brown.

And as credit card industry moves over to Chip and Pin system, Brown also voiced concerns that card firms will deny fraud claims on basis that card holders have not kept their Pin number secure. 

“Fraud is clearly a growing thorn in side for consumers. It is clearly important that people feel their personal financial details are secure, but they should be aware that, even though they have a protection policy in place, they may still face financial headaches while negotiating with their lender or credit card company to have their losses reimbursed,” said Brown.

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Editor's notes:

Moneynet was founded in 1997 by Chief Executive Richard Brown to simplify personal finance market and provide consumers with impartial and interactive information on financial products and services.

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