ID fraud - who should be liable?
The subject of ID theft is something which has captured the attention of many in the UK as fraudulent activity continues to increase in the wake of the UK recession. While there has been significant progress made in tackling the problem of identity theft there is no doubt that the issue is here to stay and will be a continuous battle between fraudsters and the UK authorities. However, who should be liable to any financial loss in the event of identity theft and fraudulent activity?
While there is no doubt that all parties have a part to play in the fight against identity theft there is also no doubt that as the problem continues to increase in severity we will see more and more businesses and insurance companies looking to "pass the buck" to UK consumers. Many experts believe that small print in the future could well nullify many consumer protections in the event of identification theft if the customer is not able to show a reasonable degree of care was taken with their details. While this would seem fair enough in principle, in practice how do you show that you took care of your details and did not pass them to potential fraudsters?
Conclusion
This is the grey area which has seen more and more people move towards ID theft insurance which for only a few pounds a month will offer you cover of several thousands of pounds in the event that you are out of pocket. Those who suggest that ID theft insurance is not required may well live to regret their saving of just a few pounds a month!