Comprehensive Funds Protect cover
Glenwood Brokers • July 5, 2021
Funds Protect business and personal product cover offering by PHISHIELD UMA (Pty) Ltd.
This product will protect your business funds against fraudulent activity from a loss of funds in an account in your business name as a result of a fund transfer whether authorised or unauthorised due to fraudulent conduct of a third party which is irrecoverable from your financial Institution or third party. A similar product is also available to personal clients.
Some examples of the cover this product will provide are the following EFT scams , Hacking and Vishing attacks , ATM scams , Holiday scams , Bogus property rentals , Email interception fraud , Transactions due to stolen identity ,demand for ransomware attacks, Sim Swap fraud , online banking fraud , online shopping fraud. Please contact us if you are interested.
A similar product is also available to personal clients.
Insurance, a legal contract, has been advertised as a commodity lately, like the utensils we use in the kitchen. Even the conclusion period of an important contract is measured in minutes, with no regard to the details of the contract conditions.
Consumers need to be aware of and understand the specific warranty clauses in their insurance policies, particularly those related to valuables such as jewellery. These clauses often have strict requirements, such as keeping items in a locked safe when not being worn, and failure to comply can result in a reduced claim payout, says the Office of the FAIS Ombud.
Vehicle theft and hijackings continue to pose a major threat in South Africa, with alarming statistics showing that the country still grapples with high crime rates in this sector.