NEWS & ADVICE : CREDIT CARDS
Finally, an insurance against credit card fraud
By Ankit Sharma
Jun 25, 2008
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Have you lost your credit card? Are you worried after reading about the various cases of credit card frauds around you? Do you think twice before using your credit card in a restaurant or a petrol pump?

Don’t worry anymore!

For the first time in India, Standard Chartered and TATA AIG General Insurance Company Ltd bring to you a service which guarantees you against credit card fraud!

This service solves the problem of an individual’s responsibility for late realization of her/his credit card loss. Presently, if somebody steals your credit card and you realize it late, you are bound to pay for the delay in reporting. However, this service has not only identified this problem, but solved it altogether. Now, a credit card customer is insured against any expenditure on his lost credit card made12 hours prior to reporting the loss.

Standard Chartered Bank has joined hands with Tata AIG General Insurance Company Ltd to bring this new service to the domestic credit card industry for the first time. Together they pledge to provide a risk cover for lost cards that will protect customers against fraudulent transactions. It’s called the Plus Extended Protection Plan.

This news will come as a blessing for the cardholders who are already burdened with high interest rates. Also the news of inflation and an increase in the interest rates doesn’t provide any incentive for the people to take up loans from banks. Hence, at this moment, a cover which promises safety to customers, while using their credit card, is welcome news.


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(Comments Posted : 2) Post Your Comments
1. Sir, The article and policy promises are appeared to be excellent I thing it is only imagination. After the receipt of the Policy from M/s Tata-aig general insurance Co. I have raised some query related to cancel of the policy. There is lot of confusion on initial stages itself and my queries are yet to be replied even though a month is over.Hope for best,sleepless at rest. Thanks, sankaran s
Sankaran s (Posted: Aug 18, 2008)
2. A Very detailed article indeed. However the article slightly misleads. Most of the credit card frauds today occur due to identity thefts and not necessarily due to physical theft of the card. In such cases, the card holder may not know that the card has been misused within 12 hours (unless ALL card transactions are intimated to user by SMS IMMEDIATELY and such facility is not available).

However, all said and done, it is a move in the right direction and there is some relief for the card holder.
raman (Posted: Jun 26, 2008)
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