As much as 1.3 million payments cards’ (debit and credit cards) data of Indian banking customers are up for sale on the dark web. Reportedly, the data can fetch a hefty $130 million for cybercriminals card protection plan. According to reports, these payments cards, being offered for $100 each, belong to multiple banks across India. Security researchers have dubbed this one of the biggest dumps in recent years.
As per analysis reports, the payment cards’ details might have been obtained with the help of skimmers installed on point-of-sale (PoS) systems and ATMs. Amid such rising instances of forgery involving payment cards, it is imperative that you invest in a comprehensive wallet care protection plan that can act as the first line of defense against card falsification and fraud.
How is the fraud carried out?
Cybercriminals who buy these card dumps typically obtain the data and use it to clone legitimate debit and credit cards. Following this, they can then withdraw the money illegitimately from ATMs, in what is referred to as ‘cash-outs’.
What you should do?
While lenders and financial institutions are looking into the matter, the sanity of your debit and credit cards depends on the steps you take. Buoyed by modern-day technology, hackers can now steal your payment cards’ details in a myriad of ways. Therefore, the onus of keeping them safe is certainly on you.
Whether you are swiping your card at a PoS system, purchasing things online, or simply walking around with it, wallet care offered by Bajaj Finserv under the pocket insurance and subscription category offers you the chance to guard your financial data.
How does Wallet Care provide financial security?
- Complimentary zero-hassle fraud protection
In case of card fraud, you will lose your money, either from the account to which the card is linked or from the stipulated credit limit. Recovering from such hefty financial damages can be challenging. However, this card protection plan offers coverage of up to Rs.2 lakh in case of frauds resulting from phishing (and tele-phishing) and other PIN-based transactions.
Moreover, you can also claim coverage in circumstances where your card was stolen/lost and subsequently used to carry out unauthorized transactions on your behalf. You can get this exhaustive coverage by paying a yearly premium of Rs.599 only.
- Round-the-clock card blocking service
The Wallet Care plan offers a 24×7 card blocking service should your payment cards be stolen or misplaced. All you have to do is dial the toll-free helpline 1800-419-4000, and all your cards would be blocked promptly. This does away with the hassle of calling up each card issuer separately.
- Emergency travel benefits
Losing your wallet in transit can push your back against the wall; you will be stranded on the unfamiliar territory without any cash or payment cards to get you out of the rut. What can compound your problems, even more, is if you had stashed your travel tickets in your wallet.
However, with Wallet Care, you will be able to get emergency cash benefits in India, as well as assistance with travel tickets and hotel reservations, both in India and abroad.
- Free PAN card replacement and mobile benefits
As an added feature, a subscription to Wallet Care will allow you the provision to register your PAN card and SIM. In case you lose your wallet, don’t fret. All you will have to do is intimate the customer care executive. Following this, the executive will block your SIM card on priority, and extend zero-cost assistance towards issuance of a duplicate PAN card.
So before you plan the next trip (or swipe your card at an online purchase portal), don’t forget to subscribe to this card protection plan. You can apply for your Wallet Care protection plan here.
In case of any query, dial 1800-419-4000. This service has been made available to you 24×7.