UK Money News
15th May 2008
Credit card holders shunning fraud insurance
Take-up among credit card holders for insurance to guard against ID theft and fraud is likely to be limited, according to a credit ratings agency.
The increasing problem of credit card fraud has worsened to such an extent that 28 per cent of Londoners claim to have fallen a victim of the crime, research from CPP showed.
However, although companies have now begun to offer specialist policies to guard against it demand will be small for the foreseeable future, said Neil Munroe, external affairs director at Equifax.
He said: "The problem with ID theft and fraud is that most people don't think that it's going to happen to them.
"Therefore, they don't really think about insuring against it. It's probably the same sort of approach that we all adopt to insurance."
A recent poll conducted by moneysupermarket.com found that ten million consumers use the same PIN number for all their credit and debit cards, despite the fact that this increases the risk of fraud.
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