Privacy Guard from RBS

22/4/05

What would you give for a bank that wants to help you get back your credit identity, which was lost after falling victim of fraud, due to identity theft? If you have been a victim of this heinous crime, you will know of the difficulty of trying to get your credit standing back to the way it was. So that is why the Royal Bank of Scotland should be applauded in being the first bank in Europe to engage a system that is set up to help customers who have been affected by this.

How will it work? Well the down side to it is that you will have to pay for the privilege to have it instilled in the workings of your credit card, this will be of a cost of £6.99 and will come with the name Privacy Guard, which will be overseen by the one of the UK’s top credit scoring companies, Experian who will look after the Identity Theft and Fraud Protection services based in the credit card.

Once you have had it installed to your credit card, it will then protect you from any identity fraud made in your name, with the advantage that it is not just for your credit card, it will also protect the other financial services, which has other things that can be affected by Identity Fraud, so you are buying more peace of mind than you bargained for.

The system will let the individual customer know of any irregularities, which may be made to their account and will be done so as quickly as possible. It will also repair any misgivings to your credit scoring that have been affected by fraud, though it is hoped that the new system will have been able to protect your account, from this happening.

With the cases for identity fraud topping the 100,000 mark in the U.K every year (CIFAS) the Credit Industry Avoidance System, have stated that this is costing the credit card industry somewhere in the region of £1.3 billion a year, these sort of losses can surly not be sustainable. This is why we have to again applaud the Royal Bank of Scotland for not only thinking of they’re own self-worth, but that of they’re customers as well.

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