Insurance of the means of payment

Payment on the Internet, firing or simple carelessness, falsifying... Nobody is immune from fraud on means of payment. Thus, according to the payment card security Observatory, the savings rate of fraud for cards say 'interbank' (payment and withdrawal) amounted to 0,08% of transactions for the year 2012, rising for the fifth consecutive year. The average value of a fraudulent transaction is 125 euros, down slightly from 2011. Faced with these figures, what means are made available to consumers to deal with the consequences?

The legal provisions

The order of 15 July 2009 relating to means of payment, transposing the European directive on payment services adopted on 13 November 2007, offers the holder of payment means a number of legal guarantees. Thus, in the event of fraudulent use of the card without typing the code, the Bank must compensate the owner of the full amount of the fraud. However, if the fraud was carried out with the secret code entry (the pensioner was unwise, and the fraudster was able to recover the code), a franchise of EUR 150 remains his responsibility. Only exception to this principle, the consumer must support all of the fraud in the event of fraudulent actions on his part or gross negligence (PIN noted on the back of the card or on a paper kept with the card for example). Remains that it is for the Bank to prove these breaches.

Contractual solutions

Proposed by banks, an average insurance payment is intended to reimburse policyholders for theft or fraudulent use of the cards or checks. As mentioned above, this service can be considered as duplicate with the legal provisions in force. Some banks offer more, but conditional, the reimbursement of the excess of 150 euros. Furthermore, the proposed insurance generally contractually limit the amount reimbursed per claim and per year.

To convince customers of the utility of these contracts, they often include additional guarantees in the event of loss or theft: official papers (identity, passport, and driver’s license card), cash withdrawn within 48 hours prior to their flight or their loss. They also include a helpline in the event of lost keys or even legal assistance.

Rates are variable according to the institutions, of the order of EUR 20 per year on average.