Cliff Saran’s Enterprise blog

Jun 21 2007   6:15PM GMT

Bank cashes in on ID theft

Cliff Saran Profile: Cliff Saran

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Fact or fiction?

I received some junk mail last week from my bank. It was a letter warning me of the problems with identity theft and offering an insurance scheme for just £6.99 per month to protect me against identity fraud.

Needless to say, the letter was junked. First, the banks appear to have done very little to tighten their own security. They are in a privileged position. After all, they hold my money – they know my address, date of birth, direct debits, my mortgage payments, when I last used my debit card, how much I spent at the supermarket, my monthly salary and who my employer is…Yet it does seem to be far to easy for someone to open an account in my name. I think no customer should have to pay for an insurance scheme that covers them against a failing in the checks their bank makes to set up a new account.

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