Stealing ATM pins by ATM skimming or other methods is not uncommon nowadays. The huge rise in ATM fraud in India has put the money of both businesses and individual investors at risk. The fraudsters are coming up with new techniques and ideas to clone your payment cards and therefore, you must be very alert to avoid someone from accessing your private data without your permission.
However, what about those who have already been robbed by an ATM card skimmer or ATM cloning, or any other types of ATM fraud? If you ever go through such a situation, you will need to contact your bank immediately and block your ATM cards at once to prevent further misuse of your cards.
The RBI does not hold you accountable for the unauthorized transactions if you complain within 3 days but there will be some liability on your part if you complain after that. This means that you have zero liability for all the unethical transactions and frauds if you react proactively within 72 hours.
Set SMS or email alerts for all your transactions so that you can contact your bank as soon as the crime is committed. However, it is not always possible to be alert, and rather than getting hyper after getting looted, you can subscribe to a card protection plan or wallet insurance policy and create a backup for such emergencies.
One of the better card protection plans is offered by Bajaj Finserv that provides coverage of up to Rs. 2,00,000 in case your ATM gets robbed or lost. The other features of this comprehensive ATM card protection plan are mentioned below:
Immediate card blocking option
This Card Protection Plan from Bajaj Finserv lets you block all your payment cards at once with a single call. This will not only save time that you would require to block each of your cards separately but as this service is available 24/7, you need not be afraid if you face online fraud during the wee hours or at midnight.
The option of blocking SIM cards is provided to prevent misuse of your private information when your mobile gets stolen. As per this plan, you will also get a free replacement of the PAN Card in case it gets lost.
Extensive coverage
This card insurance policy provides extensive cover against all types of ATM fraud in India including ATM card cloning, ATM skimming, tele-phishing, and other types of card fraud.
Also, you get extensive coverage for different types of online fraud by just paying a yearly premium of Rs. 699. Therefore, it is a lucrative option for everyone who wants to protect their financial interests during such untoward events.
Online registration
You can register for this card protection policy easily as the option of filling and submitting the form online is available now. Also, you can make the payment via net banking, UPI, mobile wallet, or credit/debit card without any issues.
Emergency assistance
You don’t have to worry if you have to deal with online fraud while travelling as the CPP from Bajaj Finserv provides emergency assistance during your foreign and domestic trips. The coverage amount is as high as Rs. 1,00,000 during international trips and you will even get coverage of up to Rs. 50,000 during your domestic trips.
This financial assistance allows you to pay your hotel bills and ticket fares that you need to clear to get back safely. Also, an emergency cash benefit will be provided if you are travelling in India. All these features and benefits make it one of the best card insurance policies in India.
