Payment Card Industry

Payment Card Industry 

 

Businesses and consumers alike rely on the Payment Card Industry to deliver fast and secure forms of electronic banking services. Use and acceptance of credit and debit cards is universal and adoption of newer solutions, such as prepaid cards and mobile payments, continue to grow rapidly.  The Payment Card Industry has revolutionized the way that businesses and consumers accept and make payments, but the unfortunate reality is that the payments industry is increasingly a rich target for sophisticated criminals.

 

Whether you are a financial institution that issues cards, a payment processor, an acquirer, or an ISO, your business and bottom-line are exposed to significant risk from card fraud, data breaches and all the liabilities and expenses that come from operating in the Payment Card Industry. To make matters worse, the regulatory and compliance landscape is complex, evolving and extremely punitive should your company suffer an attack. 

 

American Special Risk has focused on the Payment Card Industry for almost two decades and our expertise enables us to develop unique and tailored coverages for a wide array of companies operating in this industry. We understand the intricacies of the payments industry which is essential in order to craft the right insurance solutions for your company. This is definitely one area where you can’t afford to have off the shelf products provided by generalist brokers.

According to a recent study by the Verizon RISK Team, 91% of all physical breaches in the financial and insurance industry involved the installation of skimming and camera devices on ATMs.

 

Tampering with ATMs, data breaches, card fraud and other payment schemes could cost your business millions.

 

Let the experts at American Special Risk help protect you against the risks you face in the Payment Card Industry.

Target Classes

 

  • Acquirers

  • ATM Owners and IADs

  • Financial Institutions

  • ISOs

  • Issuers

  • Mobile Payments

  • POS Devices

  • Prepaid Cards

  • Processors

Capabilities

 

  • Breach of Contract

  • Business Interruption and Loss of Income

  • Computer Virus

  • Crisis Management Expense

  • Data Restoration Expense

  • Data Protection Failure

  • Defamation

  • Denial of Service

  • Dishonesty

  • Funding and Load Fraud

  • Intellectual Property Infringement

 

 

  • Negligence

  • Over and Under Floor Limit Fraud

  • Privacy Laws and Regulatory Violations

  • Privacy Regulatory Defense and Penalties

  • Strict Liability for Acquirers and Issuers

  • Unauthorized access and social engineering

Card fraud liability shifting - are you prepared?

The U.S. is experiencing a surge in ATM fraud. U.S. based credit scoring and fraud analytics software firm FICO warns that cardholder data theft at U.S. ATMs had reached its highest peak in more than 20 years. According to FICO, between Jan. 1 and April 9, 2015, debit card data theft rose by 174% at U.S. bank-owned ATMs compared year-over-year and by 317% at nonbank ATMs. With both Visa and MasterCard shifting counterfeit card fraud liability to U.S. acquirers that don't upgrade their ATMs and POS terminals to meet EMV specifications, understanding the risks is more important than ever.

 

Download the free ATM Marketplace guide, “ATM Fraud and Security 101” to learn more.

 

Contact Us

Need a Quote?

 

We accept all applications - or you can contact us and we will send you one of ours. Submit applications, brief narrative and minimum of 3 years carrier loss runs to  info@asrisk.com

 

Narrative/Underwriting Information:  

  • Who is the incumbent carrier including expiring term?

  • Did the incumbent non-renew? If so, why?

  • Does your agency control the account?

  • List of markets approached (including other brokers)

  • Target premium

  • Quote “Need-By” Date

11520 N. Community House Road, Suite 125

 Charlotte, NC 28277 

info@asrisk.com |  Tel: 704.358.0447