Executive Summary: Cyber attacks are on the rise in India. You should take precautions while transacting online. Cyber Safe Insurance Plan by Bajaj Allianz and Personal Identity Protection Plan by TATA AIG provide insurance cover against cyber crimes such as phishing, fraudulent usage of debit and credit cards. They do not cover everything and the premiums are on the higher side. You can take an insurance cover for cyber attacks if you are online for a large part of the day and conduct numerous transactions online.
A homemaker received a call from a person pretending to be the manager of the bank in which she has has account. He convinced her to share her ATM Card details including the CVV number. He also managed to trick her to reveal the OTPs that were displayed on her phone. In a few minutes she got a message that Rs. 50,000 was debited from her account. She is a victim of phishing.
A teacher in Chandigarh got three SMSes in the middle of the night informing him that amounts of Rs. 10,000 twice and Rs. 20,000 once were withdrawn from his account. He is a victim of online fraud. Cyber attacks such as phishing, vishing i.e. voice phishing, card skimming, fraudulent access of online banking are on a rise across the world. India is supposed to be the third most targeted country in terms of cybercrime.
The RBI has drafted guidelines and frameworks for consumer protection but the cyber criminals are getting smarter. Now there are some insurance covers that are available that protects you from such fraudulent practices. Let us look at them in detail –
A teacher in Chandigarh got three SMSes in the middle of the night informing him that amounts of Rs. 10,000 twice and Rs. 20,000 once were withdrawn from his account. He is a victim of online fraud. Cyber attacks such as phishing, vishing i.e. voice phishing, card skimming, fraudulent access of online banking are on a rise across the world. India is supposed to be the third most targeted country in terms of cybercrime.
The RBI has drafted guidelines and frameworks for consumer protection but the cyber criminals are getting smarter. Now there are some insurance covers that are available that protects you from such fraudulent practices. Let us look at them in detail –
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Name
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Features
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Bajaj Allianz Individual Cyber Safe
by Bajaj Allianz General Insurance |
Exclusions
Our Verdict |
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Personal Identity Protection Plan by TATA AIG
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Do keep in mind the following safety guidelines to protect yourself from cybercrime –
1. Do not click on links on emails for bank accounts. Type the URL in the address bar of the browser. Check if the URL has ‘https’
2. Do not share CVV number and card expiry date as far as possible
3. Register for alerts for bank transactions and read them when you get them
4. Do not share any kind of security information related to cards, accounts, mobile wallets over phone.
5. Use strong passwords. Change them regularly. Use updated anti-virus software on your digital devices.
6. Ensure that the sites you visit have two factor authentication and are genuine.
1. Do not click on links on emails for bank accounts. Type the URL in the address bar of the browser. Check if the URL has ‘https’
2. Do not share CVV number and card expiry date as far as possible
3. Register for alerts for bank transactions and read them when you get them
4. Do not share any kind of security information related to cards, accounts, mobile wallets over phone.
5. Use strong passwords. Change them regularly. Use updated anti-virus software on your digital devices.
6. Ensure that the sites you visit have two factor authentication and are genuine.
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