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26 March 2007

Westpac launches new protection to fight effects of identity theft

In an Australian first, Westpac today announced new measures to reduce the impact of fraud for more than 500,000 of its credit card customers with the introduction of free 'Identity Theft Insurance'.

The announcement coincides with the launch of the Australasian Consumer Fraud Taskforce's "Protect your identity" campaign.

Westpac's Group Executive Consumer Financial Services, Mike Pratt, said while the bank has had significant success in reducing total net fraud on its customers' credit cards by 30% over the past four years, the extra protection of identity theft insurance will give Westpac customers added peace of mind.

"While our customers' accounts are protected from unauthorised fraudulent transactions, Westpac understands that the impact of identity theft doesn't end with the immediate loss of funds and that's why we're introducing Identity Theft Insurance.

"Restoring your financial identity can be traumatic and time consuming, often resulting in unexpected expenses. This insurance will remove much of the inconvenience and cost for Westpac customers who are victims of this insidious crime.

"While credit card fraud is declining, identity theft is a growing worldwide problem that we must continue to fight.

"The introduction of identity theft insurance builds on Westpac's long-standing commitment to taking responsibility for doing the right thing by our customers.

"Westpac also believes security should be an industry standard. We are working with industry and agencies to prevent fraud, and are actively leading the "Trust Centre" initiative," Mike said.

In addition, to protect customers who have become victims of identity theft, Westpac offers a free subscription to a service that alerts subscribers when a credit application is made in their name.

Westpac's free Identity Theft Insurance will initially be available to new and existing customers with a Westpac '55 Day' or '55 Day Gold' credit card, and will include cover for:

• Payment of lost earnings as a result of taking up to 5 days off from work
• Coverage for losses resulting from any creation of an unauthorised credit or bank account opened in an Insured Person's name
• Coverage for associated costs incurred in using a solicitor
• Reimbursement of legal liability for credit card forgery and counterfeiting.