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Is ID theft insurance worth the money?

There is a growing debate within the financial sector with regards to ID theft insurance and whether it is required and whether it gives value for money. Currently many credit cards companies and banks will offer ID theft insurance as part of an overall financial package but you need to be aware of the small print and exactly what you're covered for.

At this point in time, as long as there is no negligence on behalf of the victims, it is unlikely that banks and credit card companies will chase customers for outstanding fraudulent funds. However, this is a situation which could change in due course as the number of ID thefts continues to rise and the amount of money being "lost" continues to mushroom. Many experts believe that ultimately there will be a need for private ID theft insurance although whether we have reached that stage as yet is open to debate.

It is worth keeping a close eye on the protection offered by your bank and by your credit card company because even if you are an innocent victim of ID theft you may well not be covered for every eventuality. It really could happen to you!

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