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ID theft prompts new solution to help IFAs tackle fraud

A recent rise in incidents of ID theft related fraud cases in the UK has prompted an independent financial advisers (IFAs) support services provider to launch an online security solution aimed at tackling the menace.

The solution provider, threesixty, has designed a template security policy designed to help IFAs tackle crooks by providing a basic overview of what security measures they need to take to protect both electronic data and paper records.

According to Partner Phil Young, security has become an increasingly important issue and every IFA needs to have the right solutions to in place to tackle the problem.

"Many IFAs do have some security to a greater or lesser extent but this template policy provides them with a checklist of additional items they might consider, and, importantly, a means of documenting their policy," he added.

The solution includes sections covering physical security as well as data he said, adding that "there is a lot of discussion around encrypting laptops but not all businesses verify everyone walking in through the door".

Incidents of ID theft have prompted the Financial Services Authority to put security higher on their priority list.

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