Protect yourself from credit card fraud or identity theft

Consumers increasingly depend on ATMs and credit cards in paying for their daily purchases that include gasoline and groceries, as paying with "plastic money" spells convenience even when paying for big ticket items like a new laptop or the latest smartphone.

 

However, such convenience is fraught with risks as the latest ATM and credit card scams and frauds pop up in the news and stories from a friend’s friend who was robbed after withdrawing a large amount of cash from the bank. 

 

It pays to know that there are ways to counter the risks. You can protect your money and your purchases from robbers, tricksters with six insurance plans.

 

Credit card fraud – Finding charges you didn't make in your credit card bill can be a nightmare. Even if your card was lost or stolen, you can protect yourself from unauthorized charges. AIG Philippines lnsurance (AIG) pays for charges on lost or stolen card up to 12 hours prior to reporting the incident to the card company, and up to 60 days prior to reporting to the card company for credit cards that were not lost or stolen. 

 

Citibank credit card holders can avail themselves of Citi Card Protection. Under the plan, fraudulent transactions due to identity theft or lost or stolen cards are reimbursed. Any unauthorized transaction must be reported to Citibank within 48 hours , particularly for lost or stolen cards, and 30 days to cover identity theft.

 

ATM card protection – Don’t wait until you fall prey to skimmer and other ATM scammers. There are at least three insurance companies that secure your ATM cards from unauthorized withdrawals. Malayan Insurance Company has a Cardholder Comprehensive Insurance that protects both your ATM and credit cards from illegal transactions. It covers lost cash, death or permanent disability due to robbery, hold-up, assault or other unlawful and violent taking of cash withdrawn from an ATM machine. 

 

Philippine National Bank similarly offers a plan which replaces lost money withdrawn from an ATM due to theft. The insurance premium is P12 and covers up to P50,000 for a period of 30-days from the date of premium payment.  

 

AIG reimburses the money stolen within 15 minutes of withdrawal from any ATM anywhere in the world.

 

Purchase Protection Insurance – Have you ever brought a brand new product online and lost it within days of receiving it? Malayan Insurance gives you a 15-day protection against fire, theft, burglary, robbery, hold-up or other kinds of accidental loss or damage on the items you buy with a credit card. 

 

Price Protection – Do you feel cheated after buying an item at a higher price and only to find out days later the same item in an ad sells for P2,000 less? The price protection insurance by AIG reimburses the difference between the original purchase price paid for an item and a lower price for the same item on a printed advertisement.

 

Extended Warranty – You can also extend the life of your entertainment system, fridge, washing machine, TV or laptop with the Multi-Appliance Protection Program from AIG. The extended warranty program provides a one-year extension of the warranty on a particular group of brand new and old appliances.

 

Electronic equipment protection – Your phone is practically an extension of your hands, eyes and ears. Thieves might as well have taken a piece of you for stealing your mobile device. Luckily, AIG covers accidental damage and theft for personal electronic equipment. 

 

Stay one step ahead of thieves and scammers to prevent your dream from turning into nightmare. Be safe and enjoy shopping!

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This article first appeared in slightly different form on iMoney.