Convenience and ease of transactions enhanced the popularity of payment cards. Card transactions have witnessed a significant increase after the outbreak of COVID-19. Unfortunately, with the increased use of payment cards, fraudulent activities associated with them have also increased substantially. Hence, as a cardholder, you should know how to protect your payment cards from theft and loss. Also, how to block your ATM card if an unforeseen circumstance occurs.
A Card Protection Plan (CPP) is a service offered by insurers and banks to protect your card from theft, loss and fraud. The Wallet Care plan is a comprehensive card protection plan that covers your credit and debit cards and offers protection to your wallet essentials.
Benefits of a Card Protection Plan
- Block all your cards with a single call
You can that block learn how to block atm card all your lost cards with a single telephone call to the insurer’s toll-free number. Immediately after getting your call, your insurer will initiate the process to deactivate all your lost cards on your behalf. This blocking service is available round the clock.
- Emergency travel assistance
Along with protection to your ATM cards, a Card Protection Plan also provides emergency travel assistance. Suppose your cards get stolen or lost when you’re on a trip. In this situation, your insurer will help you with an advance so that you can pay your hotel bills and reach the travel destination near your home. Wallet Care offers emergency travel assistance for domestic and foreign locations. And if you need help paying your hotel bills, Bajaj Finserv Wallet Care will directly coordinate with the hotel and settle all your bills.
- Emergency cash advance:
Apart from emergency travel assistance, many insurers provide emergency cash advance to the insured if they lose their cards while travelling. Usually, this benefit is not available if you travel outside India. The insurers normally give you a month to repay this amount.
- PAN card replacement
A Card Protection Plan also covers your PAN card. If you lose your PAN card, then your insurer will get it replaced at zero cost.
- Mobile wallet protection
Many Card Protection Plans offer protection to your mobile wallets against fraudulent use. And there is no maximum limit on the number of mobile wallets that can be covered in one CPP. Wallet Care offers mobile wallet protection of up to Rs.50,000 per membership.
- SIM card blocking
If you lose your mobile device, your insurer will assist you in blocking your SIM card.
- Document and IMEI registration
Under Card Protection Plan, you can register the details of your valuable documents such as your driving license, insurance details, etc. It ensures the safe maintenance of your confidential data. You can access this data from the insurer when the originals are not at hand.
Similarly, most Card Protection Plans offer IMEI registration as well. IMEI number enables the tracking of stolen smartphones and helps to stop the stolen device from accessing any network.
- Fraud protection
Another feature of the Card Protection Plan is protection against card fraud. It includes transactions involving phishing, skimming, PIN-based fraud and tele-phishing. Transactions where OTP is not required also come under the scope of this coverage. Wallet Care offers coverage of up to Rs.2 lakh for fraudulent use of your cards that begins 30 days before your loss report without any limit per card.
How to Protect Your Payment Card from Fraudsters
- If you’re not going to use a even rbi debit card for a while, then deactivate its various features, such as international transactions, online transactions, etc. You can activate the same when you restart its usage.
- Never share the 3-digit CVV number printed on the back side of your card.
- While making a transaction at a POS, check the amount displayed on the machine screen before you enter the PIN. And always cover the keypad while typing the PIN.
- While making a transaction at POS, don’t allow the vendor to take your card away from your sight.
Wallet Care comes with a plan period of one year and offers global coverage to your payment cards as well as wallet essentials. Further, there is no maximum limit on the number of cards and mobile wallets that can be cover in one plan. The plan has an easy claim process. Just call the helpline number, and the insurer will send you a claim form that you need to fill up and submit with supporting documents such as a copy of the FIR, the statement of the lost card, etc. You’ll receive all claims within a month of reporting the card loss.