Bank Card Protector Insurance
What is Bank Card Protector?
Bank Card Protector covers losses and expenses an issuing bank incurs as a result of fraudulent and unauthorized use of issued cards.
Isn’t this coverage available on a fidelity bond or other policies?
Yes and no. Other policies limit what types of losses will be covered. The Bank Card Protector offers much broader coverage with higher limits, lower deductibles, and at costs less than other policies.
What are some examples of losses that the Bank Card Protector covers that other policies do not?
- Counterfeit cards, including “white cards”
- Generated cards
- Transactions without funds verification
- Transactions exceeding available credit or balance
- No chargeback exclusion
- Transactions approved by Verified by Visa or MasterSecure
- Transactions outside of the United States
What are some other benefits of the Bank Card Protector?
A claim on the Bank Card Protector will not adversely affect any other insurance policies.
Deductibles start at $1,500. Other policies start at $5,000.
What types of companies need this type of insurance?
Any bank or financial institution that is a card issuer.
A major retailer is breached and compromised cards are used for fraudulent transactions. The issuing banks suffer tangible financial losses, in addition to the reissuing and response costs.
A team of hackers generate card numbers utilizing a bank’s BIN number which are used for fraudulent international transactions. The BIN number was from a bank that merged with another bank The newly formed bank absorbs the losses.