A NEW service to protect bank customers from identity theft and the fraud that comes with it has been launched in Singapore.
Card Protection Plan (CPP), a UK-based consumer solutions provider, is collaborating with Citibank Singapore and Credit Bureau (Singapore) (CBS) to offer the identity-protection service to Citi customers at a fee of $75 a year, payable to the bank.
It allows customers to detect unauthorised credit transactions quickly.
Called ID Protect, the service sends out e-mail alerts to a customer when a credit transaction application, such as for loans or credit cards, is made in his name.
If the transaction is fraudulent, the customer can contact CBS and his bank to prevent the application from going through.
Additionally, subscribers of ID Protect who have lost their identification documents, such as identity cards, would have a fraud warning placed in their credit report by CBS.
This alerts the bank to look out for potentially fraudulent credit applications made in the customer's name.
And, in the event of identity fraud or unauthorised credit transactions, ID Protect will help its subscribers by contacting the bank and the Credit Bureau to correct any bad credit records resulting from the transactions.
Customers would also be guided on follow-up measures, such as filing a police report.
Although fraudulent credit transactions in Singapore are still uncommon, CBS recognised that such cases could be on the rise.
Managing director of CPP Asia Pacific, Mr Howard Davidson, pointed out that identity thieves are becoming more sophisticated in stealing personal information through elaborate con jobs over the phone or the Internet.
According to a recent security research by Unisys, 83 per cent of Singaporeans are concerned about identity theft, said Mr Radha Suvarna, director of Citibank's portfolio management and customer engagement.
He added that globally, the proliferation of credit products and on-line payment services have made customers, including Singaporeans, more susceptible to identity theft.
