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Data quality news

Insurance 'not enough' to protect against credit card fraud

Sep 19 2008, 14:39 PM

Consumers have been warned that they should not simply rely on their insurance to protect them from credit card fraud and identity theft.

Rather, fool.co.uk has recommended that they adopt a more proactively preventative outlook - and the financial advice website has offered a number of tips to make this easier.

Specifically, fool.co.uk believes that while taking out identity theft insurance and credit card insurance is important, consumers can go a long way simply by being careful.

For instance, keeping cheque books separate from credit cards is vital, as is keeping your passport safely stored away while on vacation.

All documents with personal and financial details on them should be shredded - and fool.co.uk also suggests that letters which look "too good to be true" should be discarded, especially those which ask for your personal details.

Meanwhile, banks and finance organisations can use authentication software to reduce the risk of fraud.

A survey conducted by Paypoint which appeared in the Financial Times recently showed that the prevalence of credit card and identity fraud meant just three per cent of customers would trust a small brand enough to conduct an online transaction.

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