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Tuesday, December 20, 2022

Paytm provides cyber fraud protection of up to Rs 10,000 for Rs 30

Paytm offers cyber fraud cover of up to Rs 10,000 at Rs 30

 MUMBAI: Paytm is providing customers with protection against cyber fraud through the provision of an insurance policy that is available for fraudulent mobile transactions up to Rs 10,000 for a premium of Rs 30. This service may be the first of its kind.

A HDFC Ergo group insurance policy provides the "Paytm Payment Protect" coverage. According to the company, the plan is being offered to boost adoption and build trust in digital payments.

UPI transactions are covered by the insurance cover across all wallets and apps. One97 Communications, which operates under the Paytm brand, has obtained insurance coverage. Bhavesh Gupta, Paytm's CEO of lending and head of payments, stated, "We are offering an insurance cover with convenient claims with a vision to safeguard users and fight cybercrimes."

Parthanil Ghosh, president of HDFC Ergo's retail business, claims that cyber fraud has increased as a result of the pandemic's exponential rise in the use of digital payments.

The majority of UPI-related frauds are carried out by confidence trickers who trick their victims into authorizing a transaction by passing collect requests as payments, despite the fact that UPI has all of the necessary digital safeguards in place. Additionally, numerous fraudsters collect payments by posing as merchants.

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