People are tending to disregard ID theft and fraud insurance because they don’t believe such crimes could affect them, an industry expert has suggested.
Neil Munroe, the external affairs director at Equifax, said that many people in the country had not yet been affected by any form of identity fraud and so even though there were companies providing insurance against these problems, consumers had been slow to take it up.
Mr Munroe added: "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. We take it when we feel we need it."
However, Mr Munroe said that the market for identity fraud insurance was expanding rapidly and various policies were available to suit an individual's needs, from basic support to more involved support. CIFAS, the UK's fraud prevention service, reported that there were 77,500 cases of ID fraud in the country in 2007.
Consumers ignoring ID theft insurance
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