ID protection

[lucca]

I've been persuaded by my bank to take out ID protection for £7 per month. To stop it, apparently, you just cancel it. What do clever ABers think of this? You get a credit rating report - I've received it - interesting - tells me my Next account is clear (never had one!). Is it worth having this protection? Or is it scare tactics? I'd appreciate opinions.

[bednobs]

you need to investigate the next account - someone using it in your name?

[lucca]

Good point, bednobs, but it has never had anything on it. I did receive a catalogue from Next years ago, out of the blue, so I guess that kick-started an account. I contacted Next who asked for £3 for the catalogue, but when I said it was unsolicited mail, they were fine about it. Just shows it's worth checking stuff, though, doesn't it?

[bednobs]

well there you have your answer then!
I have never had my identity stolen but i'm led to believe it's a huge hassle

[craft1948]

I pay for this through CPP and so far it's dead money, but with the increase in ID theft I think the protection it offers to be worthwhile.

[CheekyChops]

What does it cover you for exactly? Personally I think its a waste of money.

[Andyvon]

I agree Cheekychops - what is the cover? If someone has their stolen ID used for loans, credit cards, purchases, then each case of fraud is dealt with separately by the victim and the police, banks, credit agencies etc. Any monies stolen or accrued on cards are returned or not charged to the victim. The victim has to go through an awful lot of hassle contacting everyone involved, but it seems to me they would have to do the same if they had this cover.

Perhaps I'm wrong on this. I'm pleased I haven't been there (as far as I know!) but I do stand to be corrected. However, if that is the case, then what service does the cover provide?

[Whoever]

Sounds like a money spinning product for the banks to me. . If you're very careful about shredding all your unwanted personal documents, utility bills, etc. including envelopes bearing your name and address, not disclosing your pin numbers and passwords, and being careful about how and where you withdraw money from cash machines, you'll make it a lot less easy for anybody to steal your identity in the first place. Also, don't belong to networking sites like Facebook and disclose details of your first school, birth date etc, and conmen scan these kinds of networking sites look for personal information to steal.
Before you take up your bank's offer I'd read the Terms and Conditions and see exactly what you're covered for. I bet they don't cover you if your credit card gets cloned, for example.

[lucca]

Thanks for all your comments. Apologies for slow reply but it's been a cracking day (sunny) so have been raking leaves and bonfiring. Jacket potato in the embers yum.
To business:- I've had a second look at all the blurb and I'm not very convinced. There's the very full credit report (I understand you can get these free anyway - am I right?) then they send quarterly credit statements, plus regular text or e-mail alerts, then (on request) an extra personal risk assessment. They say this "ID Aware" "continuously monitors your credit profile". Really what it seems to come down to, is that they alert you to any new activity e.g. application for loan etc. Hmmm - still not sure.
I do all the things you suggest, Whoever - in fact today's bonfire did a magnificent job!