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Should we be concerned about ID fraud?

Identity fraud is a subject which keeps cropping up in the financial press time and time again although for some reason it does not seem to be registering with the vast majority of the UK public. ID fraud is a process by which unknown third parties gather information on any one person and ultimately apply for various credit facilities and other lucrative services in their name.

As you guessed, when payment is required for these various credit facilities, services acquired and products bought then the fraudsters are nowhere to be seen and in many cases the ID fraud victim has been left with tens of thousands of pounds to pay. Even though many of these victims have been able to claim back the expense of the fraud using various UK banking sector initiatives there is a feeling that as ID fraud continues to grow in popularity, especially during a recession, UK banks and UK insurance companies could pass the buck back to consumers.

We're starting to see an increase in identity theft insurance services which many people believe is one of the largest growth sectors for the future. The ability to protect any excessive costs with regards to an attempted ID fraud in your name could prove very beneficial in the medium to longer term.

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