RBS has introduced PrivacyGuard, a service available for holders of the bank’s credit cards. The new product is a subscription service which offers identity theft and fraud protection powered by credit bureau Experian.
For a fee of GBP6.99 per month users will be provided with alerts to updates on their credit reports, insurance to cover legal and other costs, access to a team of RBS specialist and access to other Experian services.
The cost burden and inconvenience to the individual for recovering their identity make it relevant for the card issuer to provide its customers with a service that provides assistance, appropriate levels of insurance and financial protection, explained Iain Clink, managing director of RBC Cards Business.
The Royal Bank has introduced this new service, which tackles identity recovery as well as fraud prevention, to show just how seriously we take the issue, he continued.
The emergence of specialty identity theft products, initially in the US and now in Europe, reflects the growing concern of customers. Card fraud has increased by 500% since 2000 and over 100,000 cases of identity theft occur each year in the UK, costing a total of GBP1.3 billion, according to the Credit Industry Fraud Avoidance System.
