Better protection from ID theft demanded
The National Consumer Council (NCC) has called for UK data protection rules to be toughened up in the face of rising ID theft.
It is estimated that identity crime affects 100,000 people in the country every year and costs the UK economy £1.7bn. Criminals most usually take out loans in other people’s names and then run up huge debts.
“This is a massive problem and it is getting worse all the time, although the banks don’t like publicity about it,” said financial expert Martin Cunningham. “The NCC is right to be concerned.
“There is currently no requirement on the part of financial providers to reveal if their database has been hacked, for example. This must change if we are serious about dealing with the problem.”