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How Does Travel Insurance Cover For Credit Card and Passport Fraud

Having your credit card stolen or used without consent is a scary thought when travelling. Taking out travel insurance with credit card and passport fraud cover can save you from unnecessary expenses while travelling.

How Does Travel Insurance Cover For Credit Card and Passport Fraud

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.

Man with magnifying glass

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:

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:

Green tick

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.

Red Cross

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 can reimburse you for reasonable costs if, during your trip, your: 

  • Passports, credit cards, debit cards, or travellers' cheques are lost, stolen, accidentally damaged, or destroyed, including reasonable replacement and communication costs 
  • Credit/ debit card is used fraudulently after being lost or stolen. We will only cover those amounts not covered by any guarantee given by the bank or issuing company to you as the cardholder covering such losses. 

The amount payable depends on your policy type and the limits set out in the PDS. 

Every claim is reviewed individually on a case-by-case basis and will only be paid if it meets the terms, conditions, limits, and exclusions in your policy. Always check the PDS carefully so you know exactly what’s included before you travel. 

The maximum cover for this benefit depends on your policy type: 

  • Comprehensive: $5,000* 
  • Standard Saver: $2,000* 
  • Basics: No cover 
  • Domestic Plus: No cover 
  • Frequent Traveller Saver: $5,000* 
  • Snow Sports Plus: $5,000* 

*Cover is subject to the terms, conditions, limits, and exclusions in the Product Disclosure Statement (PDS). 

Every claim is reviewed individually on a case-by-case basis and will only be paid if it meets the terms, conditions, limits, and exclusions in your policy. Always check the PDS carefully so you know exactly what’s included before you travel. 

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:

All information will be treated with full confidentiality and protected to the full extent of the law.

You can submit a claim under the Passports, Credit Cards, and Credit Card Fraud benefit. You may be reimbursed for the replacement costs of debit cards if they are lost, stolen, damaged, or destroyed during your overseas trip. This benefit can also include reasonable communication costs associated with the replacement. 

Please note that this benefit is only available under the Comprehensive, Standard Saver, Snow Sports Plus and Frequent Traveller Saver Policy.  

Every claim is reviewed individually on a case-by-case basis and will only be paid if it meets the terms, conditions, limits, and exclusions in your policy. Always check the PDS carefully so you know exactly what’s included before you travel. 

 

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^ Price as at 27/10/2024 compared to the price calculated today for this policy.

* See Product Disclosure Statement for full terms and conditions and exclusions and limits that apply.

Disclaimer: Any advice is general advice only and does not take into account your individual circumstances, financial objectives or needs. Policy terms, conditions, exclusions limits and sub limits apply, therefore, it is important to consider the PDS and TMD at fastcover.com.au to decide which policy is right for you and your trip. 

As every individual’s circumstances are different, we will assess each claim on a case by case basis and accordance with your PDS and Certificate of Insurance.