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Insurance Industry News from ProgramBusiness.comJust for Banks
AIG Small Business®, a division of the property-casualty insurance companies of American International Group, Inc. (AIG), announced AIG Bank Card Protector(SM), insurance designed to protect small and mid-sized, privately held banks and financial institutions against risks related to the fraudulent use of ATM, credit and debit cards.
According to the December 2006 Nilsson Report (Issue 869), credit, debit, prepaid and electronic benefit transfer (EBT) card transactions have increased to 50.98 billion in 2005 from 28.82 billion in 2000. Nilsson expects this trend to continue and predicts 79.31 billion card transactions by 2010. As more people rely on ATM, debit and credit cards to handle their financial transactions, small and mid-sized banks are facing more exposure to bank card fraud.
The AIG Bank Card Protector policy covers banks and financial institutions against the principal amount of loss caused by fraudulent use of a bank card, plus extra expense to replace compromised cards. This includes losses sustained by the unauthorized use of a lost, stolen or counterfeit bank card used by identity thieves at an electronic terminal, automated teller machine, cash dispensing machine or, through an internet transaction, regular mail transaction or telephone transaction.
"Community banks and other smaller financial institutions face the same risks related to bank card fraud as large, multinational banks. However, these smaller institutions typically don't have the resources to self-insure against this peril," said Vincent C. Tizzio, President AIG Small Business. "We are providing protection through AIG Bank Card Protector to help smaller banking and financial institutions mitigate their losses due to bank card fraud."
Any small or mid-sized, private bank or financial institution that issues bank cards and that accepts liability for fraudulent card transactions is eligible to purchase AIG Bank Card Protector. This includes credit card processors that accept merchant Visa and MasterCard deposits and accept liability for fraudulent charges. Coverage is subject to the level of fraud controls in place.
The AIG Bank Card Protector policy marks the second new product this year from the AIG Companies® for financial institutions. In January, AIG announced Financial Institutions Risk Protector(SM), a package of management and professional liability insurance coverages for privately held financial institutions. AIG is pleased to continuously address the needs of financial institutions by broadening its product offerings in response to ever changing exposures.
AIG maintains two storefronts on ProgramBusiness.com: AIG Programs and AIG (PA) Programs.
For more information on AIG Bank Card Protector and other AIG Small Business products, please visit www.aigsmallbusiness.com or call 1-877-867-3783.
American International Group, Inc. (AIG), world leaders in insurance and financial services, is the leading international insurance organization with operations in more than 130 countries and jurisdictions. AIG companies serve commercial, institutional and individual customers through the most extensive worldwide property-casualty and life insurance networks of any insurer. In addition, AIG companies are leading providers of retirement services, financial services and asset management around the world. AIG's common stock is listed on the New York Stock Exchange, as well as the stock exchanges in London, Paris, Switzerland and Tokyo.
*Insurance is underwritten by member companies of American International Group, Inc., and is subject to underwriting review and approval. The description herein is a summary only. It does not include all terms, conditions and exclusions of the policiesClick for the whole story...