Royal Bank of Scotland (RBS) has launched PrivacyGuard, a new subscription service aimed at helping victims of identity theft or credit card fraud to restore their credit record.
Research from the UK's fraud prevention service Cifas shows that over 100,000 cases of identity theft occur each year in Britain, costing £1.3 billion.
RBS says dealing with the consequences of individual identity theft can take up to two years and costs can run into thousands of pounds. The new service, which is powered by credit bureau Experian, is available to customers of any financial institution and is priced at £6.99 per month.
Members will be notified whenever key changes occur on their credit report - an early indication of potentially fraudulent activity. Customers will also have unlimited access to credit reports from Experian and insurance to cover legal and other costs associated with re-building an identity. A fraud resolution team will also be available.
Iain Clink, MD, RBS Cards Business, says: "Something as simple as a utility bill is all that is needed for somebody to steal your identity, so it’s no wonder people are worried about it.
"The cost burden and inconvenience to the individual for recovering their identity make it relevant for the card issuer to provide its customers with a service that provides assistance, appropriate levels of insurance and financial protection. Research shows that when people realise the size and growth of identity fraud, they are shocked at the lack of assistance and advice available to victims."