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Indentity theft insurance

Identity Theft Insurance:
How to Protect Yourself

Identity theft and identity fraud are real worries for us nowadays.  ID fraud and ID theft has never been at such high levels, and fraudsters are finding all kinds of new ways to steal identities (such as online fraud).

Being a victim of identity theft and identity fraud can be a stressful experience.  You'll need to sort out any problems that may arise from criminal activity (such as taking out financial products in your name), and you could see ID fraud and ID theft have an adverse effect on your credit history.

This could, in turn, prevent you from getting the financial products you need somewhere down the line. One of the easiest solutions to these problems is to take out identity theft insurance. So, how can an identity theft insurance policy protect you?

Key policy benefits:

Financial help

This kind of identity theft insurance policy can give you a range of financial benefits. These include:

  • Money towards expenses (i.e. legal costs, phone calls).

  • Money towards the replacement of key documents such as a driving licence or passport.

Advice

One of the big advantages of identity theft insurance is that you can access expert advice to help guide you through any issues that may occur. So, your ID fraud and ID theft policy may:

  • Give you access to one or more credit reference agencies and their support staff, so you can access your credit history.

  • Give you access to a dedicated account manager and/or helpline run by the identity theft insurance company.

  • Give you access to information on how to prevent issues occurring in the first place.

Prevention

Most identity theft and identity fraud policies will also help you minimise the chances of ID fraud and ID theft happening. So, for example, they may:

  • Set you up with alerts from credit reference agencies to report suspicious behaviour in your name.

  • Give you access to software packages that regularly trawl the internet to find out if your identity is stored anywhere online and how at risk you are for identity theft or identity theft.

Risk management

If you think that you are at risk of problems, then your policy can register you with the UK fraud prevention service which is known as CIFAS. If you register yourself as 'at risk' here then the service will put a flag against your details which makes it harder for fraudsters to take out financial products and credit in your name.

Given the time, effort and financial headaches that could result from identity theft and identity fraud, the cost of identity theft insurance could well be money well spent. In addition, this kind of ID fraud and ID theft insurance could well help make sure that you don't suffer from this kind of crime in the first place.

And, having the support of an identity theft insurance company will make it much easier to sort out the problems associated with identity theft and identity fraud as you will have help that tells you what to do every step of the way. So, if you worry about ID fraud and ID theft then this kind of policy could well be an option for you.

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