Designed to enhance consumer protection, allowing consumers to claim back the unused portion of the prepayment made, in the event of closure of the accredited business.
Consumers can claim back the unused portion of the prepayment made, following the closure of the accredited business. Upon making prepayment to any CaseTrust accredited businesses under the below mentioned schemes, you would be given a proof of protection containing your personal details and the protected sum.
NRIC numbers in full will be required by the CaseTrust accredited businesses to apply for your prepayment protection. In the event of a payout, this information will be used to verify that the payout is given to the right person as there may be more than one customer with the same name in the business’ records. This requirement is also in line with Personal Data Protection Commission (PDPC) guidelines, in that organisations are permitted to collect your NRIC number (or copy of your NRIC) for transactions related to financial and insurance matters, after informing you on the purposes for the collection, use or disclosure of the personal data, and seeking your consent.
For deposits only
If you are an established financial institution who has the capabilities to administer the prepayment protection mechanisms through a reliable, secured and user-friendly online platform, we welcome you to join CaseTrust as a service provider to our Prepayment Protection Scheme.