Consumers more concerned by identity fraud than health risks

26 June 2007
Britons currently worry more about having their identities stolen than they do about various other risks such as contracting cancer or heart disease, according to research from Finaccord.

Finaccord – a market research, publishing and consulting company – have published their findings in a report titled Risk Metrics: Consumer Concern for and Acquisition of Insurance for Everyday Risks in the UK.

An online survey of 1,580 respondents was undertaken to investigate risk insurance, warranty and assistance products such as card protection, identity theft, legal expenses and mobile phone insurance, which are often referred to as niche, despite the fact that more than half of those asked consider the majority of the policies relevant to their circumstances.

The research found that a higher number of people have identity fraud insurance/assistance than critical illness insurance. 17.8% of those asked said that they are very concerned about the threat of identity theft and 40.3% said they are quite concerned.

Those in the 16-24 age group showed particular concern for accidental loss or damage to their laptop computers, mobile phones and other electrical gadgets.

Jim Hodgkins, managing director of CreditExpert – Experian’s online credit monitoring and identity fraud protection service – urges people to check their credit report for unauthorised activities: “Your credit report is part of your financial CV, listing your credit accounts – such as cards, loans and mortgages – and applications for credit,” he said. “Checking your credit report regularly is one of the key steps you can take to protect yourself from identity fraud,”

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