Insurance cover re stolen passwords

Jeffers613

Is it possible to obtain cover against theft/fraudulent use of passwords etc?

For example, if someone illegally gains access to private passwords, PINs etc and uses these without permission, causing losses (in particular bank/savings accounts fraudulently accessed and proceeds transferred without permission) - can the missing amounts be covered by insurance?

Browntoa

Absolutely not

If genuine fraudulent activities then banks should refund

agrinnall

Although if passwords/PINs have been disclosed (even if that's through theft, they shouldn't have been written down in the first place) then the banks may well see that as contributing to the fraud.



There's no chance of getting insurance for something that you shouldn't be doing.


[And for the sake of clarity, I do keep a record of my passwords and PINS, in a secured location, but I accept that I could fall foul of this scenario too]

dacouch

It's the type of Insurance that would have a high incidence of claims purely because the only people who would take it out are those likely to need to claim

Jeffers613

Thanks for all replies.

The problem as I see it is that we are told NOT to use the same password for every account.

Most people, like me, have numerous electronic accounts bank/savings etc, car insurance etc etc etc!

I have a range of different passwords that I use.

It is difficult to remember the whole range and impossible to recall which password I have assigned to whichaccount.

So, as far as I am aware, there are only two ways to deal with this:

(1) write the password down for each account and keep in a safe place (how do you define a 'safe place' -which needs to afford ready and convenient access?) or
(2) use a password security account where all passwords/accounts are kept online.

The first is open to abuse and theft. The second can be hacked (however supposedly secure)- and again all passwords can be seen

Banks and other financial providers surely must accept that this is the practical reality of today's life online. They are the ones promoting online accounts!

If they duck responsibility on the grounds that their customers were negligent, what more can their customers do?

In short, customers seem to be caught between a rock and a hard place?

Any suggestions?

forgotmyname

(1) A safe place is where someone wont have easy access to it. Lock it away to prevent random prying eyes.

And make it difficult for the average person not to be able to use it. 23@G would be the email account i use for that website. Only i know what 23@G is. Its part of an email address but which one..

What more can you do, add in 2 factor and make the passwords unique and very secure.

A quick glance may remember a 6 character password, but not a 17 with symbols, especially when a character is not what it seems.