Internet Banking Frauds is defined as fraudulent transactions being made on the internet by using lost/ stolen/ cloned cards
Phishing/ Account takeover: Any fraudulent loss or damage arising due to information obtained by unauthorised access to sensitive information such as user names, passwords and any card details by masquerading as a trustworthy entity in an electronic communication which is not owned, operated or contracted by the insured person or his/ her Bank’s card processor
The policy covers all online fraudulent utilisation of Forex Prepaid Cards using the authorised Card Verification Value (CVV) Code issued to the cardholder by the bank
Covers liability arising out of any loss or damage of card transactions using the authorised PIN issued to the cardholder by the bank
Password-based transactions are not covered.