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RGS Fraud Insurance Program for Prepaid Cards

$319 billion by 2010. That’s what experts predict the value of the prepaid card market (gift cards, general purpose cards, payroll cards, health cards, etc.) will be in just a few short years. That’s an unprecedented opportunity for banks, retailers, and card processors—and for thieves and hackers. In fact, participants in a recent Payments System Policy Advisory Committee (a committee of the Federal Reserve System) roundtable stated that prepaid cards had the potential to become a “primary vehicle for fraud in the future.”

That’s why Royal Group Services is offering the RGS Fraud Insurance Program for Prepaid Cards. This new and unique insurance program greatly limits your exposure to fraud losses, including “under floor limit” and “account funding” losses.

Program Coverage

The RGS fraud insurance program for prepaid cards provides your business with competitive claims-made policy coverage for loss due to the two most common types of prepaid card fraud: loss due to under floor limit transactions and loss due to fraudulent prefunding/loading transactions.

The policy covers all prepaid cards, including:

•	Money transfer cards	•	Travel cards	•	Project cards
•	Gift cards	•	Credit counseling cards	•	Relocation cards
•	Promotions cards	•	Payroll cards	•	Travel per diem cards
•	Transportation cards	•	Incentive cards	•	Meeting cards
•	Insurance cards	•	Flex benefit cards	•	Supply chain incentive cards

The policy is flexible and can be customized to meet the unique requirements of your business. Plus, you can select from several premium and deductible options. The monthly premium is based on the deductible option you choose and on the total dollar amount loaded onto each card during the policy period.

Applying is easy. Simply contact your RGS representative. We’ll ask you to complete a brief policy application that requires some basic information about your program, including the total expected number of accounts, dollar load, and dollar sales. We’ll take care of everything else.

Unfortunately, the reality of prepaid card fraud is not if, but when. Let us help you protect your program and your assets.