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Consumers now protected from online fraud

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Phishield, the world’s first cyber and phishing insurance, covering losses for unauthorised transactions on accounts is now available in Africa via Phoenix Distribution, who has won the exclusive distribution rights.
Phishield offers a financial protection solution that provides cover should you fall foul of cybercriminals and lose money due to cyber theft, banking fraud or fraudulent credit card transactions. Phishield gives protection against several frauds, including online purchases, ATM transactions, EFTs, card frauds, phishing scams and telephone transactions. Insured by Zurich, the Phishield cover is valid for 12 months from the date of purchase and comes with a 30 day, 100 no-risk money back guarantee.
Simon Campbell-Young, CEO of Phoenix Distribution, says in today’s digital and Internet age, online transactions have become the norm, something that millions of people do on a daily basis. “Too often, we conduct these transactions without fully thinking about the potential consequences. What would the true costs be if someone stole your identity and emptied your bank accounts? Or acquired your credit card details and fraudulently spent thousands and thousands of rands?”
Phishield offers various levels of cover for losses incurred due to any fraudulent activity on accounts. “You can’t put a price tag on peace of mind. With Phishield, you can transact online, without having to worry about online fraud. Phishield’s cover includes all accounts held in the customer’s name at any bank or financial institution, or any other person or business that directly holds an account that belongs to them, ” says Campbell-Young.
Sarel Lamprecht, MD of Phishield, adds that “Phishield is committed to paying out claims that are approved, pending an approval process, in 72 hours or less, meaning customers need not wait weeks and weeks to get their money back. With cyber phishing attacks on the increase and a “massive shift to attached-based email campaigns”, according to Proofpoint, Phishield is about protecting consumers and offering them peace of mind.  Why leave it to chance?”
“Phoenix currently offers many different security solutions aimed at protecting our clients in South Africa, Africa and the UK. This product will add something totally new to our stable, and will perfectly complement our existing offerings. Phoenix Distribution has always focused on adding value to our partners and vendors, and as we look to add more service offerings to our product set, we are pleased to be able to offer a solution as unique as this,” Campbell-Young concludes.