|
|
 |
|
|
ICBA Bancard’s Fraud Loss Protection Procedures
- Cardholder realizes that credit card or debit card is missing or has been misused and notifies the bank or processor.
- Card is statused (blocked, closed, etc.) by processor or bank, and cardholder disputes transactions. Once cardholder confirms fraudulent activity, the bank statuses account as “fraudulent” and works with the fraud department to gather pertinent information.
- The bank and/or fraud department will place card account number on Visa/Mastercard Warning Bulletin Report; analyze claim; charge back all permitted transactions to the merchants; and provide a Close Out Package or a summary of related documentation to the bank.
- The bank submits Close Out Package or summary material, along with a Fraud Loss Reporting Data Form, to the ICBA Bancard Risk Management Department for processing.
- A $500 per account deductible will be applied to each submitted claim.
- A co-payment of 50% is applied to the first $2,000 of eligible loss for each participating bank; 100% compensation provided for loss amounts exceeding the maximum $1,500 deductible up to $10,000 per account cap. [NOTE: Business Accounts will be paid at 50% after the $500.00 deductible has been met, up to the $10,000 per account cap.]
|
|
|
|
|
