Sainsbury’s Bank offers identity theft protection cover

Sainsbury’s Bank is offering protection cover against the growing problem of identity theft, which has increased by over 500% since 1999.

Through PrivacyGuard, Sainsbury’s Bank customers will receive regular credit reports and credit scores from one of the leading credit report agencies, enjoy ongoing monitoring of their credit status and up to £10,000 reimbursement if their identity is stolen. If you do fall victim to identity fraud, the policy will provide you with access to resolution services via PrivacyGuard’s experienced Victims of Fraud team. Customers with Sainsbury’s Bank PrivacyGuard can contact the team between 8am – 8pm Monday to Friday and 8am – 5pm on Saturdays.

New research from the bank reveals that 4.1 million people (9% of the adult population) claim that at some stage, they have been a victim of identity fraud. Identity theft involves someone stealing your personal documents or information and using this to obtain money, goods or services in your name. The average financial value of this crime amongst those victims interviewed by Sainsbury’s Bank was £3,039. However, 6% of victims said that they had suffered losses of over £10,000 as a result of identity fraud.

Donald MacLeod, credit card manager, Sainsbury’s Bank said: “Identity theft is a very serious problem and one that is getting much worse, so we all need to take greater care in protecting ourselves. This could involve having a policy in place to protect against this crime, but it should also involve taking steps to reduce the chances of ID thieves being able to steal your personal details. Research shows that around three quarters of household waste contains at least one item which could assist identity fraudsters.

“Unfortunately having your identify stolen is often just the start of what can become a long drawn-out process as it can take many hours or even days to re-establish your financial standing. Unlike some other identity theft products on the market, our cover offers access to an experienced Victims of Fraud team who will help the victim to resolve any fraud or irregularities.”

Research from Sainsbury’s Bank reveals that there is a lot people can do to reduce the chances of falling victim to identity thieves. For example, over the past three months it revealed that 16% of people have thrown away old bank statements but forgotten to shred them. Twelve per cent also claim to have done this with credit card and debit card receipts.

On a location basis, London had the highest percentage of people who claim to have had their identities stolen and Scotland the lowest.

PrivacyGuard from Sainsbury’s Bank is available online at sainsburysbank.co.uk/idtheft

The policy costs £6.99 a month, but customers will be able to trial it for just £1 for the first 30 days.