24 February 2018
Visit www.capgemini.com/worldreports

Social media users warned of insurance hikes

19 February 2010  |  8513 views  |  0 blurry people

People who use social media tools that can reveal their location, such as Twitter, Facebook, Foursquare and Buzz, could face hikes in home insurance premiums, according to price comparison site Confused.com.

The potential dangers associated with revealing locations through social networking sites was highlighted this week with the launch of PleaseRobMe.

The Dutch site pulls together information from Twitter and FoureSquare - a social game based on players' geo-location - to provide a stream of messages from people leaving their houses.

The creators argue that by broadcasting to the world where they are, people are revealing to burglars that they are definitely not in their homes. "On one end we're leaving lights on when we're going on a holiday, and on the other we're telling everybody on the Internet we're not home," says the site.

The site has come in for criticism, accused of irresponsibility by the Privacy International campaign group but its founders say they are trying to raise awareness of a problem and point out that all of the information published is, of course, freely available to anyone who wants to find it.

With PleaseRobMe hitting the headlines, Darren Black, head, home insurance, Confused.com, says the growth of location-based social networking is likely to have an impact on premiums, with hikes of up to 10% for users.

"Criminals are becoming increasingly sophisticated in their information gathering even using Google earth and street view to plan their burglaries with military precision. Insurance providers are starting to take this into account when they are assessing claims and we may in future see insurers declining claims if they believe the customer was negligent," says Black.

Comments: (0)

Comment on this story (membership required)

Finextra news in your inbox

For Finextra's free daily newsletter, breaking news flashes and weekly jobs board: sign up now

Related stories

Pimp my payment tweets: Blippy opens with $1.6m funding

Pimp my payment tweets: Blippy opens with $1.6m funding

14 January 2010  |  9419 views  |  3 comments
Twitter for credit card purchases unveiled

Twitter for credit card purchases unveiled

17 December 2009  |  17177 views  |  1 comments
Fraudsters hijacking Facebook accounts

Fraudsters hijacking Facebook accounts

11 November 2008  |  14230 views  |  0 comments

Related company news

Visit http://info.nice.comvisit www.ebaday.comvisit www.nextgenbanking.co.uk

Top topics

Most viewed Most shared
Ripple makes new connections to emerging marketsRipple makes new connections to emerging m...
11778 views comments | 16 tweets | 10 linkedin
hands typing furiouslySome Interesting Applications Of The Inter...
10321 views 3 | 9 tweets | 1 linkedin
Basel Committee outlines disruptive fintech scenariosBasel Committee outlines disruptive fintec...
8554 views comments | 15 tweets | 26 linkedin
Investment Association sets up fintech accelerator for asset managersInvestment Association sets up fintech acc...
8079 views comments | 19 tweets | 10 linkedin
R3 creates Legal Centre of Excellence for blockchain technolgyR3 creates Legal Centre of Excellence for...
7764 views comments | 10 tweets | 14 linkedin

Featured job

Competitive base + commission + benefits
New York City, NY - USA

Find your next job