Over the last few years, transactions using debit and credit cards have increased dramatically owing to the digitisation drive in India. This increase is coupled with the increase in new-age digital frauds as well. 

As India is moving towards a digital economy, banks, at the same time, are trying to design a framework that would protect their customers against any security threat. The card protection plan is one such risk management mechanism. 

Here’s a list of ways to safeguard yourselves and avoid getting trapped in digital frauds.

Adding layers to the card security

RBI mandated the use of 3D Secure Pins and pass-codes for secured online transactions using credit and debit cards. Moreover, every time a transaction is done, how big or small it may be, the card owner needs to authorise the transaction using a PIN. PIN authorisation is one of the methods to ensure the security of transactions.

The enabling of two-factor authentication such as CVV, PIN and OTP saves your money from being stolen or compromised.

Subscribing to Wallet Care Plan

No matter how careful you are, you can always get caught in a fraud. Transactions in plastic money can be carried out through physical, virtual and contactless cards. Wallet Care Plan from Bajaj Finserv offers credit card protection insurance against any loss, theft, or fraudulent transactions done using your credit/debit cards. 

The features of this Wallet Care plan are: 

1. All your cards including credit, debit, PAN card, Driving License, Membership Cards are insured under a single plan. You can avail coverage up to Rs. 2 lakhs with a nominal premium of Rs. 599.
2. Unlike the traditional way of going to a bank to block your cards, this card protection plan facilitates instant and easy blocking. A dedicated 24X7 toll-free helpline number is provided and in just one call, your cards will be blocked.
3. In case you lose your cards while travelling, the settlement of hotel bills, travel bills and emergency cash is also facilitated under this credit card protection insurance.

Availing the Wallet Care Plan is simple. The following procedures suggest how to benefit from the plan.

1. Fill the application form with all the required details.
2. Pay the annual premium amount.
3. A welcome kit with details of the plan stating the guaranteed benefits is sent along with a registration letter. Fill in the details of all your cards for which you are willing to seek insurance.

The Wallet Care plan is valid for one year. Auto-renewal option is also available.

Why is the Wallet Care Plan the best?

Unlike the two-factor authentication, the Wallet Care Plan offers protection for all forms of plastic money in your wallet. 

In any event of loss, theft, or fraud, all your cards can be blocked in just one step. If you have lost cash along with your cards, an emergency cash advance will be credited. 

The features of this card protection plan are accessible even if one is abroad. Emergency assistance is provided.

Free of cost replacement of PAN card is offered under the plan. All you need to do is send the required documents for processing.

Once you submit your claim, the processing takes only a few days. After the approval of the claim, the designated amount is reimbursed.

All in all, opting for the wallet care plan is worth the cost. Not only it helps to mitigate the risk of misuse of lost or stolen cards, but also it offers assistance to get new ones.