UrBC, Yekaterinburg, April 17, 2019. The Ural Bank for Reconstruction & Development (UBRD) can now have its customers’ cards insured against fraud. The service is part of the multi-aspect payment safety program that is meant to protect customers against theft, the bank’s press service reports.

Both debit and credit cards can get insured. Once you sign your insurance contract, you can feel safe knowing that in case your card gets stolen and money taken out of it, the entire amount will get compensated by the bank. If there's a skimming or a phishing issue, you are insured as well. One important advantage is that you are also insured against phone fraud.

‘The banking sector is facing a significant surge in the amount of bank fraud. Credit/debit card fraud, in particular, is growing ever more sophisticated, with new schemes arriving on the scene every month. Whereas banks can protect their customers’ safety with special equipment, the customers themselves remain vulnerable and could give their personal data (their PIN, their CVV code, or the four-digit transaction authentication number that they get as a text message on their phone) away to scammers. You could lose dozens, or even hundreds of thousands this way. It is with this express purpose of protecting our customers that we are launching our card insurance offer,’ says UBRD Marketing Director Alexei Merzlyakov.

The insurance policy costs RUB 950 a year to get; the insurance payments come to RUB 35,000 max. The option is now available at any of the bank’s branches.