Almost all Russian banks offer a special service called Money on Card Insurance. Let's see how it works.
What adverse consequences does card insurance protect?
Insurance programs averagely offer protection against:
- damage caused due to - technical problems within the bank;
- damage or loss of the card;
- robbery of a client near an ATM at the time of receiving money;
- theft of finances from the card "remotely".
Remote fraudulent debiting of funds is the most common method of theft. In 2018, 1.3 billion rubles were stolen from accounts. A year later, the number of stolen funds increased 6 times, reaching 6.4 billion rubles (the Central Bank of the Russian Federation reported this in early 2020). The average amount stolen was: from individuals - 10,000 rubles, from legal entities - 152,000. Banks returned only 935 million rubles to their clients (no more than 15% of what was stolen). In 2020, due to the coronavirus pandemic, the number of cases of theft of funds increased on average six times (according to analysts at Group-IB).
What are the ways to steal money from a card?
Ways to steal money:
- obtaining a pin code using force or threat of force;
- theft of a contactless bank card. The maximum amount of a one-time write-off from it without entering a PIN code depends on the processing company: from one thousand (World) to five thousand rubles (MasterCard);
- withdrawing funds from a bank account/card by forging the signatures of the cardholder;
- obtaining data on the card by placing a special reader in an official ATM;
- debiting money from the account using Internet technologies (hacking the personal account of the cardholder).
How to ensure your money
To ensure funds, it is enough to issue a policy on the Internet or at the bank's office. For this you need:
- provide identification data (including telephone and email address);
- agree on the processing of personal information entered;
- determine the amount of insurance and terms.
What to do if insurance is issued and the money was debited from the account
Step 1 - contact the bank in person or by phone number. Paragraph 11 of Art. 9 of the Federal Law "On the National Payment System" states that the client must notify the bank of the loss of the card immediately. The maximum notice period is no later than the day following the day of receipt of the transaction notice (although banks sometimes establish their own "rules of the game" here).
2 step - the insurance company checks the appeal (the main reasons for the occurrence of the insured event, the number of losses are seen);
Step 3 - a decision is made: pay the money or refuse.
What documents should be provided to the bank to obtain insurance
If the money is stolen from the account, then the client must submit the following documents to the bank:
- a copy of the decree indicating the initiation of a criminal case;
- a certificate from law enforcement agencies (if the illegal debiting of funds occurred outside the Russian Federation);
- a copy of your passport;
- court decision (if this case was considered in court);
- help on transactions on the card;
- an official letter from the bank stating that the card is blocked.
Terms of consideration of applications
The average term for checking a request is 2 weeks. If the bank approves the refund, then the citizen receives an SMS message. If the result is positive, the money will be credited to the card within a few working days.
What to do if the bank considered the appeal, but did not recognize the case as insurance
In this situation, it is necessary:
- send a pre-trial claim to the bank;
- if she is not satisfied, then it is worth going to court.
When the court won't help
If the bank proves that the bank card and pin code were stored without proper protection from the client (Decision No. 2-2613 / 2019 2-2613 / 2019 ~ M-2080/2019 M-2080/2019 dated September 19, 2019, in case No. 2-2613 / 2019).