AIG eBusiness Risk Solutions, a division of the American International Companies, introduced WebMerchantGuard, a new insurance coverage designed for web merchants to address their exposure to credit card fraud.
Unlike their brick-and-mortar counterparts, web merchants usually have to absorb financial losses through “chargebacks” that arise from the fraudulent use of credit cards. WebMerchantGuard provides reimbursement to the web merchant for the amount of the chargeback. By offering insurance protection against the risks of theft, forgery or unauthorized use of a credit or debit card in any online transaction, WebMerchantGuard provides essential financial relief not otherwise available to the web merchant.
WebMerchantGuard is available to Internet-only and click-and-mortar merchants. Additionally, financial institutions that manage web merchants’ financial accounts, independent service/sales organizations that process credit card payments, application software providers that offer fraud prevention solutions, and Internet shopping portals with preferred web merchants may make the policy available to web merchants utilizing their products or services.
Coverage is also available for small businesses and associations.
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