Brits blame banks for ID theft

Brits blame the banking sector for the rise in card fraud and identity theft, according to a study.

Three quarters (74 per cent) of those asked in a survey conducted by insurer CPP said it was the sole responsibility of banks or credit card issuers to resolve any problems that arise with their accounts.

And seven out of ten said they would also expect to be fully compensated should any financial fraud occur regardless of whether they are at fault or not.

But considering one fifth (20 per cent) of respondents admitted they do not check their bank statements thoroughly, some of the blame has to rest with the consumer, CPP said.

"Banks and credit card companies have put extra security measures in place such as Chip and PIN and Verified or MasterCard SecureCode, but these will not be effective if consumers prove to be the 'weakest link'," the company said.

The research does show that there are those willing to take partial responsibility for instances of fraud.

Some 74 per cent say that individuals should acknowledge that they too are accountable for reducing the risk of card fraud and identity theft and over half blame individuals for fraudulent activity because because they do not keep their personal details safe.

Kerry D’Souza, fraud expert at CPP, said: "The key thing is to make sure you do protect your personal information.

"Making sure you have secure post, particularly if you are ordering new debit or credit cards.

"Make sure you don't write down your Pin numbers, passwords or user names. If you do feel like you have to write it down make sure it is secure.

"When you are out and about make sure you look at ATMs to make sure they don't look like they have been tampered with. And don't respond to emails asking for personal or financial information."