UBRD: 90% of Business Customers Insure Cards

UrBC, Yekaterinburg, May 31, 2019. About 90% of the Ural Bank for Reconstruction & Development’s business customers get their business cards insured as soon as the card gets issued, the bank’s press service reports.

‘The existing transaction security mechanisms are naturally fully applicable to our business cards, so these are highly unlikely to get hacked: it would take the resources and infrastructure comparable with those that banks’ entire IT departments have to actually do that. Besides, the bank keeps working non-stop to improve and enhance its IT security. The human factor, however, is still there, which is why even the most careful users could sometimes find themselves in an emergency: loss, theft, or fraud. The extra protection that insuring your finances offers will never be ‘too much’. Business people are fully aware of money’s actual worth and prefer to protect their account balance (which is generally 1.5 times larger for business accounts than for private ones),’ says UBRD Corporates Development Director Elena Sorvina.

The bank says you have to inform the bank and have your card frozen as soon as the money gets stolen from it. You should then go to the police and inform your insurance company. Your insurer will provide you with a list of documents you’ll have to produce at the bank in order to file your insurance claim. The money typically gets paid within fifteen days of the application.


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