Credit card customers protected from fraud losses

Fri, 16 May 2008

Credit card customers who are considering taking out identity theft insurance should consider what the policy offers them before committing to anything, one expert has warned.

Neil Munroe, external affairs director at Equifax, explained that as the Banking Code obligates credit card companies to refund any financial loss due to fraud, people should look at other factors.

He said: "Some policies may well do more to help take over your case and sort it out for you, and these would be more valuable than ones that just offer you basic advice."

If they are going to take out a policy, credit card customers should also ensure that it is one that offers them a copy of their credit report as part of the service as this will help them check what has been going on.

In February, research carried out by CPP found that London is the worst location in the UK for debit and credit card theft and fraud.
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