Network says latest card fraud figures is "just the tip of the iceberg"
CETA, the general insurance network, has urged brokers to sell identity theft insurance to consumers who need protection against the growing risk of ID fraud.
David Quick, CETA’s managing director says identity theft insurance is not expensive. “A good policy can provide peace of mind and be of practical assistance to victims of identity fraud," he said.
“Many organisations do not appear to look after customers’ records well and this, combined with the resourcefulness of criminals, is leaving many people in fear of identity fraud happening to them."
Last week the FSA said that card losses from internet, phone and mail fraud totaled £290.5m in 2007. According to CETA, this is just the tip of the iceberg.
“Most identity theft is used for credit card crime but identities can be stolen to open new bank accounts, divert mail, apply for social benefits or even mortgages,” added David Quick.
“We are hearing of more and more incidents involving the loss or mishandling of confidential data.
"All it takes is one criminal to get his hands on any of this information, add this to some account details on a bank statement, a date of birth from Facebook and before you know it thousands of peoples’ records and money are at risk.”
