HSBC Bank Armenia introduces new service

PanARMENIAN.Net - HSBC Bank Armenia cjsc introduced a new card insurance service to the market. The service is aimed at protecting ATM and MasterCard international card users from certain risks, the Bank said in a press release.

Card Insurance covers losses that occur as a result of cards being lost, stolen or skimmed and subsequently being used for transactions not authorised by the customer.

“The usage of ATM and credit cards is very widespread and provides great convenience to customers, but as usage has increased so has the incidence of fraud, particularly for customers travelling outside Armenia. For this reason we decided to introduce card insurance, so that customers can protect themselves from such risks,” HSBC Bank Armenia Chief Executive Officer Astrid Clifford said.

In 2011 HSBC Bank Armenia cjsc has issued 17800 ATM and 2400 credit and payment cards, an increase of 38% compared with 2010. Utilisation volume of ATM and credit card in 2011 were AMD21 billion and AMD61billion respectively.