If there is skimming, cloning and fraud with the customer during the credit or debit card cover period, its money will also be refunded. If cash is withdrawn from a stolen or lost credit-debit card, it will not be included in this cover plan.
In view of curfew and lockdown during Kovid, the trend of digital payment in the country has increased rapidly. Mobile and Internet banking is being used a lot. People are avoiding going to bank branch or ATM due to fear of infection. With the increase in online payment, the incidence of online fraud has also increased. Identity theft, hacking, phishing attacks and data britches are witnessing a spurt. According to the Norton Cyber Safety Insights report, in the last 12 months, identity theft has occurred in the data of 2.7 crore (27 million) Indians.
With the increase in digital payments, the infrastructure associated with it in the country is also growing rapidly. But among all these, we cannot deny the payment fraud because their focus is on the bank account of the people. People keep information related to credit and debit cards on mobile phones and computers. This increases the risk of fraud. Credit and debit card fraud is insured to cover the losses caused by it. It has been named Frodlant Charges Cover which has been started by Bajaj Finance Company.
Fraud of 80 thousand for less money
Pocket insurance and subscription plans are being given under this cover. There will be a fraud cover of up to 80 thousand rupees, for which a premium of Rs 349 will have to be paid annually. After getting this cover, if a customer is fraudulent with a debit or credit card, then the money will be refunded to him. This rule will be applicable if the fraud is from a credit or debit card account. Some important rules have been set for the customers, such as online shopping, telephone purchase, in-store purchase or ATM withdrawal, the bank will steal the details of the bank and it will refund the money to the customer if it is being fraudulent.
Protection from such fraud
If there is skimming, cloning and fraud with the customer during the credit or debit card cover period, its money will also be refunded. If cash is withdrawn from a stolen or lost credit-debit card, it will not be included in this cover plan. In whose name there is a card and a person from his family withdraws money, makes a transaction and if there is a fro during that time, then it is not included in the cover. Transactions on the card after the card is stolen, fraud done up to 24 hours before informing the bank and theft up to 7 days after reporting to the bank are covered.
Wallet Care Incorporated
To avail this cover and claim the stolen money, online complaint filing and application has been provided. For this, the online application form has to be filled and the premium is to be paid through UPI, mobile wallet, credit or debit card. If you want to claim money after theft, you can email general.claims@tata-aig.com.
If customers want, they can take help by calling toll free number 1800119966. With this, an insurance plan has also been started for everyday events. 180 plans have been given under Pocket Insurance and Subscription. There are such covers which are not usually given by the companies. This includes plans like Wallet Care, PhoneSafe Mobile Screen Protection, Kovid-19 Insurance and Key Safeguard.
