First Ukrainian International Bank (FUIB) has been offering its Fraud Protection* service to its clients since April 3. The insurance covers the most common types of card account fraud and can be used by all debit card holders.
The insurance limit is 20,000 UAH. For only 200 UAH per year, which is the cost of connection to the service, the client will receive a guarantee for compensation within 15 days of the amount fraudulently stolen from the card account within the limit of insurance.
The insurance covers the client's account. That is, if more than one card is linked to the account, Fraud Protection will cover them all. The advantage of the Fraud Protection product is a single limit of insurance coverage for all types of fraud. This means that in case of any insured event covered by the service, the client can receive maximum compensation within the insurance limit, i.e. 20,000 hryvnias. It helps to maximally protect the client from any kind of fraud.
"Working on the Fraud Protection service, we have gathered best market practices. For example, our insurance does not have a deductible franchise when accidents occur. This means, if the client nevertheless became a victim of fraud, and the amount of damage does not exceed the maximum insurance limit of 20,000 hryvnia, the insurance will allow to return the stolen funds in full. Also, Fraud Protection does not contain sub-limits for a number of insurance cases: that is, no matter what type of insurance case, the sum of 20,000 UAH fully covers all types of fraud. It is important for us that customers who choose FUIB as their bank know that their funds are safe", commented Vyacheslav Melikhov, Head of Retail Banking Insurance Department of FUIB.
The insurance covers all major types of social engineering - that is, a set of fraudulent activities the main purpose of which is to access victims' funds, and namely:
- Illegal payment from a card account in a trade and service network with a lost or stolen card - fraudsters pay for purchases with lost/stolen card
- Skimming is an overlay on an ATM that reads card data
- Illegal online/mobile banking transactions are transactions with third party accounts without a payment card via SMS commands or SMS banking application
- Payment with a card without SMS password confirmation is use by a third party of a client's card without its physical presence, i.e. use of only the card data and client's data
- Phishing is a type of online fraud when fraudsters mislead users, for example by posing as bank employees for the purpose of obtaining confidential information.
- Farming is using disguised fake sites that are very similar to the original ones. By going to them, the client risks to transfer their personal data and card data to fraudsters.
- Vishing is a type of phone fraud, when fraudsters retrieve bank card details or other sensitive information, force to transfer funds to the thieves' card.
"Almost one million Ukrainians receive their salaries through FUIB. Most of these clients use deposit and credit programs, FUIB Online application, or simply keep money in a card account, realizing that it is safer than in their wallet or "under a mattress". In order for our clients to sleep even more peacefully, jointly with our partners, we have introduced a new Fraud Protection service precisely so that our clients know in any situation that their funds are securely protected both by the bank and additionally by the insurance company", commented Oleksandr Shcherbacha, Director director of FUIB's department of sales and retail business development.
You can obtain the service at the bank's branches. Fraud Protection insurance will also be available to order via phone in the near future.
To receive compensation in case of an insured event, you need:
- to block the card in case of suspected fraud
- contact the cyber police and report the fraud (obtain the number of your registered application)
- contact FUIB, write a statement about the unauthorized transaction, as well as a statement to the insurance company about the fact of fraud.
*insurance services are provided by VUSO insurance company
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