†
Credit card fraud is an all too familiar reality in the age of digital shopping. Despite the good intentions of credit card companies, not everyone can say they are protected from the onslaught of credit card fraud. Even more so when you're travelling, you may be more susceptible to professional credit card and travel fraud thieves. A simple way to protect yourself while travelling is to take out travel insurance that covers you for lost, stolen or damaged passports and credit cards and credit card fraud.
Does Travel Insurance cover for credit card fraud?
At Fast Cover, certain cover is available for the potential and dire dangers of credit card fraud whilst overseas with our Comprehensive, Standard, Frequent Traveller Saver and Snow Sports Plus policies. These can include:
- Replacement costs including communication costs of your travel documents, including passports, credit card/debit cards or traveller cheques you lose, are damaged, stolen from you or destroyed during your overseas trip.
- Losses resulting from the fraudulent use of any credit card/debit card held by you following the loss of the card during your overseas trip.
- We cover the amount not covered by any guarantee given by your bank or issuing company to you as the cardholder covering you for those losses.
- You only have this cover if you chose the Comprehensive, Standard Saver, Snow Sports Plus and Frequent Traveller Saver policies.
As always, there are exclusions that will apply, such as the requirement for you to carry the card on you when travelling on carriers. Therefore, check out the PDS for relevant terms, conditions, exclusions and limits that apply.
Is there a time-frame for claiming on credit card theft?
You should report the theft as soon as it is practicable, but preferably within 24 hours to the police and issuing bank or company under the conditions the card or cheques was issued. If you do not report the offence, then we may not be able to accept your claim for the losses.
How does the Credit Card Fraud benefit claim process work?
There are very simple steps to putting in a claim:
- Report the fraud to the authorities as soon as you are able to
- Contact your issuing bank or company regarding your claim as soon as you can, but preferably within 24 hours
- Have all relevant documents ready
- Submit your claim.
Claims usually take up to 10 business days for our team to assess but may be more depending on the complexity of the business. To make sure the claims team are able to make an informed claims decision, please have this information ready:
- Receipts
- Police report
- Any other relevant information that can help with your claim such as information from the hotel.
How do I submit my travel insurance credit card fraud claim?
You can submit your claim through the following methods:
- This can be done by emailing us at: claims@fastcover.com.au
- You can call us on: 1300 409 322 (option 3)
- By going on the website: https://fastcover.com.au/claims
Any information provided will be treated with full confidentiality and protected under our Privacy Policy.
Will I get my money back?
If your card has been fraudulently used, depending on your particular circumstances and the terms and conditions of your policy, cover under this benefit can reimburse you for any loss which isn't guaranteed by your bank or issuing company, up to the limit on your travel insurance policy.
What if I don’t know I have been a victim of credit card fraud until I return?
You should report the fraud as soon as is practicable, but preferably within 24 hours of the known theft. If you do not report the fraud, then we may be unable to accept your claim.
You only have this cover if you chose the Comprehensive, Standard Saver, Snow Sports Plus and Frequent Traveller Saver policies.
What you should know to keep yourself safe from credit card fraud?
Though there are some things in life that are unavoidable, here are some smart and fast tips you can use when you travel:
- If possible, lock your card up in the safe at your hotel.
- If you will be taking your credit cards while you are out and about, keep it close to you – preferably not in your back pocket – there are some thieves that are happy to reach down your pants pocket!
- Have a set limit on your card for the duration of your trip. You can always change the limit once you return.
- Remember thieves and fraudsters come in all different shapes and sizes! Not all of them look like a mean criminal!
PLEASE NOTE: You will not have cover under this Benefit of the policy while travelling within Australia.
What should you do if you fall victim to credit card fraud whilst travelling?
If you are a victim of credit card fraud while you are travelling, the first thing to do is contact your issuing bank or company as well as the police as soon as you can. If you have cover for credit card fraud on your policy then you may have provision to claim under the Passport, Credit Cards and Credit Cards Fraud benefit. Always check with your insurance provider if you are unsure if you have cover for Passport, Credit Cards and Credit Card fraud.
Coverage for Passports, Credit Cards & Credit Card Fraud:
WE WILL PAY:
- To reimburse the replacement cost (including communication costs for any travel documents, passports, credit cards or traveller cheques) you lose or are stolen from you during the course of your trip.
- We will pay for the loss resulting from the fraudulent use of your credit card/debit card held by you following the loss of the card during your overseas trip. We will only cover the amount not covered as a guarantee given by your bank or company to you as the card holder.
Cover for these points are limited to $2000 for the Standard Saver Policy. In our Comprehensive, Snow Sports Plus and Frequent Traveller Savers Policies, there is cover up to $5000. Excesses applicable where relevant.
WE WON'T PAY:
- If you do not report the theft of passport, travellers cheque or credit card within 24 hours to the police, or the issuing bank in accordance with the conditions under which your cards or cheques are issued.
- If you are unable to prove you reported this to the police or relevant issuing bank or company.
- If your passports, credit cards or travellers cheques are not carried on your person when using transport providers.
FAQs about Travel Insurance for Passports, Credit Cards & Credit Card Fraud
This benefit reimburses you for expenses you incur to replace your travel documents if they are lost, stolen, accidentally damaged or fraudulently used while you are on your overseas trip.
Note:
- Cover is limited to $5,000 for the Comprehensive, Snow Sports Plus & Frequent Traveller Saver Policies, and $2,000 for the Standard Saver Policy.
- There is no cover under this benefit if you take out the Basics policy
- You will not have cover under this benefit while travelling in Australia
Cover is subject to the policy terms, conditions, limits and exclusions in the Product Disclosure Statement (PDS).
Benefit Limits for Passports, Credit Cards & Credit Card Fraud:
Comprehensive: Single & DUO policies: $5000*, Family policies: $10 000*
Standard Saver: Single & DUO policies: $2000*, Family policies: $4000*
Basics: No cover
Domestic Plus: No cover
Frequent Traveller Saver: $5000*
Snow Sports Plus: Single & DUO policies: $5000*, Family policies: $10 000*
*Cover is subject to the policy terms, conditions, limits and exclusions in the Product Disclosure Statement (PDS).
Submitting an insurance claim that is not true, correct, did not occur, is misleading or exaggerated is a criminal offence under Australian Law and can lead to prosecutions. If you submit a claim which is fraudulent, or false in any respect, or there is a material alteration in the risk, we may deny part of, or all of the claim, to the extent permitted by law. If you, or someone authorised and acting for you, submits to us any false or misleading information you may be prosecuted. Additionally, your policy may be cancelled by us under the law and no refund of premium will be made.
Insurance fraud and fraudulent claims force the cost of your insurance to increase. For the community and your benefit, we encourage you to assist in reducing insurance fraud by reporting it:
- Via email to info@fastcover.com.au
- By calling 1300 409 322 during our business hours
- Going to our website
All information will be treated with full confidentiality and protected to the full extent of the law.
Certain cover is available under the policy for the replacement costs of debit cards you lose, are damaged or which are stolen from you during your oversesas trip.
Note:
Cover is subject to the policy terms, conditions, limits and exclusions in the Product Disclosure Statement (PDS).
