Debit & Credit Card Fraud
Is your financial institution losing money because of fraud on your debit and credit cards?
Protect your financial institution from losing valuable funds to fraudsters.
- Comprehensive coverage for the bank above a deductible.
- Worldwide protection.
- Most fraud situations covered.
- Individual card protection.
- The extra expense to reissue new cards can be covered.
Typical premium range is between 1.8 and 2.8 basis points of annual transaction volume.
Why would the lender want to purchase this kind of insurance?
- Fraud and stolen identity is becoming more prevalent on debit cards.
Right now, by law*, the bank may be liable to pay for any losses on fraudulent transactions.
- Losses can compound quickly (i.e. $400 daily limit, 2 weeks of fraud @ $400 losses=$5,600)
- Losses can occur everywhere: internet, ATM’s, international purchases etc.
Once a card is compromised, it is recommended that it be canceled and a new one reissued.
- $10,000 of coverage per card, per incident
- $1,500 deductible per card, per incident
- $100,000 of coverage for a group of compromised cards (2 or more cards involved in a particular loss)
The description herein is a summary only. It does not include all terms, conditions and exclusions of the policies described. Please refer to the actual policies for complete details of coverage and exclusions. Coverage may not be available in all jurisdictions. * Bank Card Association chargeback rules apply.
Contact J.T. Miller Company to learn more about how your financial institution can benefit from our debit and credit card fraud coverage. Give us a call today at 888-366-7082.