Moneynet Warns Consumers May Be Caught Short By ID Theft Protection Products

Written by Rachel Lane

Bank account and credit card holders are being advised not to be lulled into a false sense of security just because they have signed up with a provider’s fraud protection policy.

Withrepparttar growing threat of ID theft inrepparttar 149510 shape of bank account and credit card cloning, lenders, card companies and credit reference agencies increasingly offer customers a range of anti-id theft services.

But online financial data analysis company Moneynet ( today warns that many of these policies are flawed in that they do not offer full financial compensation to victims of fraud – and urges credit card and account holders to take simple measures to protect themselves againstrepparttar 149511 rising problem of id theft.

“We have seen a number of providers – and even credit reference agencies such as Experian – marketing protection services in recent months,” said Moneynet chief executive Richard Brown.

“Yet few, if any, of these services appear to offer insurance protection against actual financial loss inrepparttar 149512 event that a credit card company, for example, refuses to coverrepparttar 149513 loss – and surely this is what consumers really need,” he said.

“And if consumers are going to take out cover, they should also be aware thatrepparttar 149514 cost of protection can vary considerably,” he added.

“Royal Bank of Scotland’s service, while very comprehensive, will cost its customers more than £80 a year, while Barclaycard charges less than half that for a similar level of cover.  However,repparttar 149515 full terms and conditions ofrepparttar 149516 credit card should also be taken into account andrepparttar 149517 id protection products should not be considered in isolation.

“Some people may feel they can go a long way to protecting themselves by taking practical steps to protect against identity fraud: basics include buying a paper shredder, keeping a close eye on statements, checking your credit report, keeping passwords and PIN secure, and not giving out personal information overrepparttar 149518 phone, web or by post unlessrepparttar 149519 recipient is known and trusted.

Written by

Cont'd on page 2 ==> © 2005
Terms of Use