If you believe you have been a genuine victim of identity theft then you might want to know that here in the UK there are two useful safety nets called the “Banking Code” and “Consumer Credit Act”. These ensure that you the consumer will not be liable for fraudulent loss run up on a credit or debit card.
In simple terms, the “Banking Code” protects your bank account and debit cards from loss or fraud whereas the “Credit Consumer Act” protects ONLY your credit cards also from loss or fraud.
TIP: We always advise our members and you consumers to use either credit cards or prepaid cards when shopping online rather than debit cards. The reason for this is that debit card fraud takes longer to sort out and you don’t want your monthly salary, bills and mortgage not being able to be paid because all your money has been cleared from your bank account!
Ever wondered whether you might be entitled to compensation from data loss?
You may have noticed in the UK news recently about the loss/theft of significant amounts of personal data from companies and government bodies.
If you believe you are a victim of company data loss and wish to find out whether you are entitled to compensation then we suggest you do the following:
– Complain to the business that has lost your data
– If you are not happy with the response – complain to the Financial Ombudsman Service (FOS)*
* settles disputes between firms and their customers
Here’s our TIP: highlight the financial loss, consequential loss (the costs of things that subsequently also went wrong or the costs of putting things right) and of course the non-financial loss (such as distress, inconvenience, pain and suffering). You will need to point to one or all of the above.
No one has made a direct complaint by this route so compensation amounts are difficult to work out. We can though disclose that if you use our TIPS (above) you may be entitled to more than 1000 GBP for “distress and inconvenience”.
How long does it take for you to find out whether you will receive compensation?
We can advise you this can take up to 8 weeks.
We at ID Theft Protect believe that all businesses and government bodies should make every effort to protect your data. If data has been lost or stolen then the business in question should be held liable. They hold your data which belongs to you and you own this data. Remember also under the UK Data Protection Act you are entitled to ask a company what data they hold on you. Note: you will have to pay a 10 GBP administration fee for the benefit though!
Safe surfing folks!