Standard Chartered Bank has joined hands with Tata AIG General Insurance Company to provide a risk cover for lost cards that will protect customers against fraudulent transactions. Says R.L. Prasad, GM (Credit Cards & Personal Loans), Standard Chartered Bank: “This unique product will, for the first time in India, provide credit card customers lost card insurance prior to reporting the loss.” This scheme will reimburse customers up to Rs 50,000 per occurrence of any fraudulent transaction on the lost card up to 12 hours prior to the customer reporting the loss to the bank.
Besides fraud protection, the scheme offers five other insurance covers. Customers have the option of taking the basic fraud protection cover along with some or all of the optional covers—ATM assault and robbery, lost wallet, personal trip effects, home protection while you are away and purchase protection.“Since its launch, SCB has sold the plan to over 3,000 of its existing credit cardholders,” adds Prasad.
It is learnt that some other banks, like ICICI Bank and SBI, are also considering launching such a scheme for their customers.