Identity Theft Insurance
Broker Directory Article
Identity Theft Insurance in South Africa
Identity theft is costing South African short terms insurers billions per year and has become one of the fastest growing crimes globally. South African Fraud Prevention Services says Identity (ID) theft is a huge problem.
Identity (ID) theft is on the rise and had become 'the white collar crime of choice', because it is 'so easy' – not just because of how much personal information can be accessed via the Internet, but also the 'low tech' ways that this crime can be committed, where fraudsters are continuously on the prowl for an easy buck.The Identity (ID) theft fraud chain usually begins when people either lose personal documents like their ID book, Credit Card, Driver's Licence, Passport etc, or, with the theft of these documents. It can also happen when criminals go through your garbage to find old accounts and statements, or swipe your e-mail for the same purpose. Criminals even target the identity of the dead/deceased to commit on-line fraud.
Criminals could use the information from these stolen documents to register new credit or bank cards and run up debt in your name. Fraudsters, armed with your personal details and identity, can take out loans, apply for new Passports or Identity (ID) documents, rent an apartment, open numerous retail accounts, or open a telephone account – and go on a spending spree. They can also use other financial instruments, where you will then be held accountable for such transactions.
Often people only discovered quite late that they were or are victims of this fraud. Anyone who suspected they might be a victim of fraud, should contact their banks immediately. Reclaiming your identity, clearing your name and restoring you credit-worthiness is often a long and expensive process that can take weeks of personal time and could cost tens of thousands of rands in legal fees.
Protect yourself against this type of crime, especially as it’s so prevalent in South Africa. Identity Theft Insurance typically reimburses the policyholder for out-of-pocket expenses, such as legal expenses they may incur in order to resolve issues surrounding an identity theft.
There are a few product options you may want to consider. These options may be confusing...
In fact, the smartest thing you can do is -- Get a specialist broker to do it for you!
|Also, note the following guidelines and tips with regards to protecting your Personal Information:|
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