 "Now, a cover for card PIN-based frauds at retail outlets")
The RBI has made keying in PIN at point-of-sale terminals mandatory for debit card use. The move, in place from 1 December, is aimed at increasing the security of cards. But the irony is that POS is a crowded area, where chances of somebody seeing your PIN is high. If you are not careful while punching the PIN into the card machine,your card is vulnerable to frauds.
But, did you know now you can actually get a cover against such PIN frauds? OneAssist Consumer Solution has now launched a WalletAssist plan which covers such PIN-based frauds at ATMs or POS machines along with other types of frauds on your cards.
Finer details:
[caption id=“attachment_1134899” align=“alignright” width=“380”]
Reuters[/caption]
Apart from a cover for PIN-based frauds, the protection plan offers a cover against any kind of fraud on your credit and debit cards, this includes skimming, phishing, counterfeit cards, online as well as offline frauds and the like.
How it works:
These days most of us carry a number of cards in our wallet, that too from different banks. When you are covered under this plan, you don’t need to call all the banks to block the cards, just call One Assist and they block all you cards, avoiding any possible frauds. The plan protects you against any fraud that could have happened on the cards from seven days prior to reporting loss for an amount up to Rs 2,50,000. This also includes frauds which happen overseas on your cards.
Cost:
There are two plans: the first for Rs 1,299 annually with a fraud cover of Rs 1,50,000 and the second for Rs 1,799 annually with a fraud cover of Rs 2,50,000.
Firstpost Take:
We think that the cover is good since it covers all types of fraud, but it could be expensive at the current pricing. If you are someone who has multiple cards, and use them regularly both online as well as offline, both internationally and domestically, this might just work for you, even at current pricing.Especiallysince they offer protection as well as assistance services. ( See here ). For others, it’s your call.