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.
What constitutes Fraud?
Fraud, or more specifically credit card fraud, is when a person, company or entity uses your card without your consent and usually without your knowledge. Your card doesn’t have to be physically stolen from you for this to occur. Now with technology becoming more advanced, professional credit card thieves and criminals can steal, hack and re-purpose your sensitive details and data just by being in the same vicinity as you. Scary thought!
Does Travel Insurance cover for credit card fraud?
At Fast Cover, we offer certain benefits covering you for the potential and dire dangers of credit card fraud with our Comprehensive, Standard, Frequent Traveller Saver and Snow Sports Plus policy. These include:
- Replacement costs, communication costs of your travel documents, passports, credit card and traveler cheques you lose or stolen from you – this includes if they are destroyed.
- For any losses resulting from the unwarranted and fraudulent use of your credit card that belongs or is held by you and following the loss of the card during the 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.
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 will be unable to accept your claim for the losses.
What about traveller cheques?
We do cover traveller cheques as long as they were in your immediate possession at the time of theft.
What if it’s someone else’s credit card that has been stolen that I have consent to be in my possession and to use?
We don’t cover credit cards that are not in the policy holders’ name.
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 take up to 10 business days for our team to assess. To make sure the claims team are able to make an informed claims decision, please have this information ready:
- 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: firstname.lastname@example.org
- You can call us on: 1300 409 322 (9am – 6pm AEST Monday - Friday)
- By going on the website: https://fastcover.com.au/claims
Will I get my money back?
If your card has been fraudulently used, we'll 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 in the fraudulent use of your credit card that is in your name. 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.
No coverage for Passports, Credit Cards & Credit Card Fraud:
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.