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Are you due compensation for mis-sold ID theft insurance?

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Following the fine given to CPP last week, Which? helps you to decide what to do next if you think you've been mis-sold ID theft insurance.

CPP fined £10.5m last week

 

Card and ID theft protection company CPP was fined £10.5m last week, and faces a total bill of £33.4m including for mis-selling insurance products.

Evidence from the Financial Services Authority (FSA) highlighted two main issues. CPP sold its card insurance for £35 a year saying customers would get up to £100,000 worth of insurance cover. However, potential losses on debit and credit cards are already covered by the banks.

The company also overstated the risks and consequences of identity theft during sales of identity protection, sold for £84 per year, saying that '1 in 5 of us will be a victim of ID crime by the end of the year' to assist in selling the product when in fact no such claim had been made. Again, any potential losses through ID fraud are covered by the banks concerned.

Have you been mis-sold ID theft insurance?

 

The Which? ID theft insurance mis-selling checklist can help you to decide if you've been the victim of dubious sales tactics. Did the salesperson promoting ID theft insurance do any of the following:

 

  • Use scaremongering – did they over-state how easy it is to have your ID stolen?
  • Did they tell you that you are liable for losses incurred if your identity is stolen?
  • Neglect to mention that you would need internet access in order to access to some of the features of the product?
  • Find ways to keep you on the phone despite you making attempts to end the call?

 

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