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Bank Card Protector for Small Businesses

Bank Card Protector for Small Businesses allows small banks and privately-held financial institutions to withstand the potential onslaught of fraudulent bank card activity by covering losses generated from the unauthorized use of an ATM, debit or credit card number without the authority of a cardholder.  Bank Card Protector further protects bank clients by covering the cost of reissuing cards that have been compromised by the data breach of a merchant or processor.  This product also covers credit unions and credit card processors that accept liability for fraudulent charges.
Features and Benefits Back To Top
  • Reimburses principal amount of loss caused by fraudulent use plus extra expense to replace compromised cards
  • Covers losses that occur anywhere in the world
  • Covers loss sustained by the unauthorized use of a bank card to access an electronic terminal such as point-of-sale terminals (POS), automated teller machines (ATM) and cash dispensing machines
  • Covers fraudulent use of a bank card in an internet transaction, regular mail or telephone transaction (i.e. "card not present" transaction)
  • Covers losses from "skimming," theft of card information by copying account information
  • Covers losses from "phishing," theft of account information when the attacker sends an email purporting to be from a valid financial or eCommerce provider
  • Covers losses from "hacking," theft of card information from a merchant database or merchant processor
 
Claims Back To Top

When a claim occurs, our goal mirrors that of our customer: To resolve it as quickly and fairly as possible. To achieve this goal, Small Business draws on the our vast claims handling resources, including experienced claims specialists and the nation's premier defense attorneys, who have expertise managing even the most complex, sensitive claims and litigation.

To report an Bank Card Protector claim:

Mail: c-Claim for Financial Lines
        175 Water Street, 9th Floor
        New York, NY 10038

Fax: 866-227-1750

Claim Scenarios:

-A group of servers at a popular restaurant conspired to steal a customer's credit card information.  After running the customer's card through the restaurant's charge system and prior to returning the card to the customer, the servers ran the card through a "skimmer" which illegally copied the information on the card's magnetic strip, including the PIN number.  The information was then copied to dummy cards, which were used to make purchases and obtain cash advances at ATMs.

-An international criminal organization launched a phishing attack against customers of a credit union.  The attack was particularly successful because the criminal organization had previously hacked a large merchant database to obtain sales transaction information.  The use of real transaction data increased the believability of the phishing attack yielding credit card numbers, CVV number ("Credit Verification Value" is the three or four digit code located on the back of credit cards), ATM card numbers and PIN numbers.  The cards and associated numbers were used to obtain cash and to purchase a variety of merchandise that could be easily sold for cash.

-A credit card organization notified a bank that hackers had obtained unauthorized access to an eCommerce merchant database of customer information which included account numbers, card expiration dates, cardholder names and addresses.  Among the cardholders affected were several customers of the insured bank.  The bank promptly canceled the compromised cards, notified the customers in writing and ordered new cards for the customers.