I have been asked about insurance that is being offered by Credit Card companies and Banks who offer insurance against ID theft. I have to admit that this is not a question that I have been asked before and I have started to do some research.

May I suggest that you read the information provided by Bank safe online. They have produced a helpful website with some good tips about how to reduce the chances of becoming a victim of financial fraud. Have a look at the http://www.banksafeonline.org.uk/documents/PersonalSecurityPlan2008.pdf.pdf which is quite a thorough document and have some useful information and contact numbers at the back.

As it is now the holiday season, vigilance with passports, foreign currency and various banking cards is perhaps more important at this time of the year. I would certainly not allow your card out of your sight when paying a bill and frankly if you are on holiday and in possession of a camera (perhaps on your mobile) it may not be a bad idea to ensure you have a photo of the person taking your payment, or at least the establishment. Digital images tend to also date time stamp the image, which may be helpful too. Of course this may seem a little paranoid or even rude to us British, but given the level of financial crime and the utter chaos that it can create for victims, it is worth going the extra mile.

As for the special insurance, I’m yet to be persuaded that this is worthwhile if you have taken all sensible precautions and report loss, theft or fraud quickly. I also suggest that you review the official identity theft site.

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