OREANDA-NEWS. September 16, 2009. Ingosstrakh IJSC made one of the largest single time payments of compensation for a policy covering issuers of banking cards. The volume of compensation paid to a large Russian bank totaled about RUB 2 million.

The need for compensation was caused by an unsanctioned writing off of funds from clients’ accounts by unidentified fraudsters. According to the terms of standard agreement for service and use of banking cards, a credit organization is obliged sometimes to compensate losses of their clients inflicted by fraudulent acts of third parties. In such a case a banking cards issuer’s risk insurance policy helps banks cover their own losses and to provide additional protection to their clients.

Over the current year the aggregate volume insurance compensation paid by Ingosstrakh for such policies totaled about RUB 6.8 million.