Comtrust, the e-business unit of the Emirates Telecommunications Corporation (Etisalat), recently announced its new partnership with the Oman Insurance Company PSC. Comtrust will now offer a new ‘e-Insurance' Policy to its customers, protection against Merchant Charge Backs.
A charge back occurs when a service bank debits a merchant’s account as a result of a credit card having been used fraudulently on the merchant’s website and following the consumer repudiating the transaction. According to Comtrust’s Marketing Manager Farooq Hasan the average charge back rate of credit card transactions on the Internet is about fifteen percent and can go as high as 30 percent for some merchants that deliver digital products immediately at the time of purchase. This compares with a rate of just one for Point of Sales (POS) transactions.
“The new e-Insurance Policy will reimburse the merchant up to the limit of indemnity for the loss on account of any claim arising out of merchant’s liability to the service bank for online credit card purchase where the use of credit card was unauthorized and made fraudulently”, informed the General Manager of the Oman Insurance Company, Abdul Muttalib Mohd. Mustafa,
To apply for the insurance, consumers must complete a proposal form and the Oman Insurance Company will provide the terms and pricing. The company will also provide cover for a business which is exposed to Professional Liability due to its e-business activities or to a Website which is hacked resulting in the loss, not only in physical damage to valuable data, networks or software but also in loss of business and third party legal liabilities.
Comtrust was launched in 2000 as an e-commerce infrastructure provider. The company provides e-commerce infrastructure services and e-commerce application services both in the areas of Business-to-Business and the Business-to-Consumer segments, in the United Arab Emirates (UAE) and in the Middle East region.
Comtrust’s e-commerce infrastructure services include online electronic payments, digital certificates based security solutions, hosting services and e-retailing solutions. The division also provides e-commerce professional support services in the areas of systems integration, enterprise Public Key Infrastructure (PKI) implementations and corporate e-commerce strategy consulting. — (menareport.com)
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