subject: Protecting Yourself from Identity Theft [print this page] Protecting Yourself from Identity Theft Protecting Yourself from Identity Theft
Identity theft is an increasing problem nowadays. This is a major concern for credit card holders since it can mean not just a crippling amount of credit card debt but also a black mark on your credit history. Identity if so serious these days that according to the Office of Data Protection, "In 2007, Experian reported a 66% increase in reported cases of identity theft in the UK." What this means is that it is definitely an issue that you should be aware of, in order to protect yourself.
One of the smartest ways you can protect yourself from identity theft is simply by getting a credit card that has the best security features. To figure out which credit card is the best, you will of course need to compare credit cards. Some of the security features you should look into when shopping for a credit card includes:
Identity theft liability. In most cases, the credit card holder is held liable even for unauthorised transactions if the transaction happened before the loss of credit card or suspicion of identity theft is reported. However, if you compare credit cards, you will actually find cards that offer zero liability. What this means is that credit card holders are not held liable for the unauthorised transaction even if it is not reported until after the event, as long as it is reported within up to as much as 60 days from the statement date.
Chip and PIN feature. Check with your card provider if you can activate this feature with your card. All banks and card providers have Chip and PIN cards because they are generally more secure. With a Chip and PIN, you will need to enter a 4digit Personal Identification Number when you use your card. Unless someone knows your PIN they cannot use the card, which is a lot safer than just depending on your signature for security, since signatures can easily be forged.
Identity Protection Plans. Find out if your credit card offers identity protection plans. Usually these plans come at an extra cost, but considering the risk involved, you might want to purchase such a plan. Some credit cards already offer basic plan features for free, but for things like credit card alerts, additional insurance, and having a service that constantly patrols unsecure sites to see if any of your personal details suddenly pops up, you will need to pay an additional fee.
