Consumers everywhere have increasingly been dependent on ATMs and credit cards. It spells a thousand different ways of convenient in terms of paying for everyday stuff such as gas, and groceries, to big ticket items, such as a new laptop, or the latest smartphone.
However, the convenience comes with its own set of risks. New types of scams and frauds are frequently popping up in the news and you hear stories of your 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 (and immediate depreciation!) with these six insurance plans:
Credit card fraud protection
Suddenly finding unknown charges on your credit card bill can be a nightmare for anyone. You can protect yourself and your credit card from unauthorized charges whether you lose your card, or not. AIG Philippines lnsurance (AIG) pays for charges on lost or stolen payment 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 was neither lost nor stolen.
Citibank credit card holders can avail Citi Card Protection plan which lets you reimburse fraudulent transactions due to card loss or identity theft. The unauthorized transaction should be reported to Citibank within 48 hours for card loss and 30 days for identity theft to be covered.
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ATM card protection
Don’t wait until you fall victim to skimming and other ATM scams. There are at least three insurance companies that secures your ATM cards from unauthorized withdrawals. Malayan Insurance Company offers a Cardholder Comprehensive Insurance that protects both your ATM and credit cards from illegal transactions. It provides cover for loss of cash, death or permanent disability due to robbery, hold-up, assault or other means of unlawful violent taking of cash withdrawn from an ATM machine.
Philippine National Bank similarly offers a plan which replaces lost money withdrawn from the ATM due to theft. The insurance premium is P12 and covers up to P50,000 for a period of 30-days from date of premium payment. AIG meanwhile, reimburses stolen money in the event of robbery within 15 minutes from withdrawing money from any ATMs anywhere in the world.
Purchase Protection Insurance
Have you ever found yourself buying a brand new product online with and find it lost within days of receiving it? Malayan Insurance offers you an option to protect the items you purchase via credit card for 15 days or half a month from fire, theft, burglary, robbery, hold-up or other kind of accidental loss or damage.
Don’t you feel cheated when you buy an item for a higher price and days later find a similar item in an ad cheaper by a couple of thousand pesos? There is a price protection insurance offered by AIG which reimburses the difference between the original purchase price paid for an item and and a lower printed advertised price for the same item within the agreed upon time.
You can also extend the life of your entertainment system, fridge, washing machine, TV or laptop with the Multi-Appliance Protection Program offered by AIG. It is an extended warranty program that provides a one year extension of warranty on a designated group of brand new and old appliances.
Electronic equipment protection
Your phone is practically an extension of your hand, ears, and eyes. Thieves have might as well taken a piece of you when they chose to pick your pocket. Luckily, AIG provides coverage for accidental damage and theft for personal electronic equipment.
Stay one step ahead of thieves and scammers to prevent your dream from becoming a nightmare. Be safe and enjoy shopping!