Pre-paid credit cards to combat risk of ID theft

A prepaid credit card that aims to stop people losing money to online fraud has been launched.

The IDT Prime Card is a disposable pre-paid Mastercard that can be used on any internet site or shop that accepts standard Mastercard transactions. A list of participating retailers is available on the site.

It aims to combat ID theft on- and offline, as it is deliberately not linked to the customer's existing banking service and doesn’t require registration details on purchase. This means that there is no link between a name, address and the details on the card.

As the card can only be loaded with a value between £10 and £150, plus a £3 purchase cost, this also limits the amount that could potentially be stolen.

Jamie King, director at IDT Finance, said: “Research shows 56 per cent of respondents believe the risk of having their identity stolen or an online crime committed against them is enough to prevent people from purchasing via the internet."

He believes the Prime Card will address these fears because it is “deliberately not linked in any way to a customer's existing banking services.

“In fact, you don't even need to have a bank account to get a Prime Card,” he said.

The IDT Prime Card can be purchased over the counter at more than 3,000 local high-street convenience stores displaying the Paypoint and e-pay signs throughout London.

See also:

ID theft websites 'take advantage of fear'

Trading Standards institute advises people to use free info  10 Apr 2007

UK customers caught up in TK Maxx data theft

Has your card been maxed out to the limit?  30 Mar 2007

Identity theft and key logging main security threats for 2007

Security whitepaper identifies the key security trends to watch out for  19 Jan 2007

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