Credit Card Fraud Policy

In many countries when a credit card is lost or stolen, the cardholder may have a personal liability ranging from $50 to more than $500 of any fraudulent charges made against his or her account. Our underwriters have developed a policy to protect individuals against just such credit card fraud exposure.

The Credit Card Fraud policy protects cardholders against the risks resulting from credit card fraud and also provides valuable additional coverages against:

Fraudulent use of stolen checks Hold-up of ATM users after cash withdrawal Replacement cost for stolen identity papers (drivers license, automobile, registration, passport, national identity card)

Customer Profile

Financial Institutions issuing credit cards.

For firms based outside of Cyprus, coverage may be written on a worldwide basis, including the jurisdictions of the USA and Canada. For USA and Canadian companies, coverage plans are offered for foreign operational exposures and for liabilities arising from products exported from the home country.

Advantage

Card-issuing banks can offer a valuable additional service to checking account customers who maintain bank credit/ATM cards, at no cost to the bank. In fact, the bank benefits because it receives a substantial risk-free income from each policy sold.

The banks' branch network acts as a sales force, therefore significant market penetration is ensured. Product sales can be further encouraged through individual sales commissions to bank employees.