including Citibank, Axis Bank, ICICI Bank, HSBC and LIC Cards — have jumped on to the bandwagon by teaming up with card protection service provider CPP Assistance Services. For availing of this service, one needs to get in touch with his/her bank, and enroll for the scheme by registering all the cards — including credit, debit and loyalty rewards cards — you wish to cover. If you lose your cards or discover later that cards have been misused, you need to dial the toll-free number provided at the time of enrolment and report the same, in order to block the cards. Since the facility is issuer-agnostic, customers maintaining cards of more than one bank need not intimate all card issuers, in case they lose their wallet.
Informs Gagan Maini, CEO, CPP Assistance Services India: “The programme provides cover up to seven days prior to the user informing the contact centre. Depending on the plan selected, the cover could go up to Rs 1 lakh prior and Rs 20 lakh post intimation. The cover is provided through a group insurance policy from Bajaj Allianz General Insurance.”
“The biggest risk that card users face is that of realising the loss a couple of days later. In this case, you can inform the call centre even if the loss/fraud comes to your notice up to seven days later. It is beneficial for those who travel frequently and use plastic as their primary form of payment,”