Amidst the appealing nature of a digitizing world with increasing adoption of digitized payments and online transactions, banks and insurance providers are speculating an upsetting rise in sophisticated online frauds.

To counter this, Airtel Payments Banks has joined forces with the general insurance company, ICICI Lombard to provide cyber insurance services via the Airtel Thanks app.

The partnership underpins a crucial move into the enormously growing market of digital payments and transactions which led to the unanticipated onset of highly complex online frauds.

According to Airtel Payments Bank, ICICI Lombard’s insurance product services will ensure financial protection of customers against the modern day financial cyber frauds associated with banking as well as credit or debit cards.

It will also safeguard customers from other varieties of threats including identity thefts, email spoofing and phishing.

Imperative to note that with a zero waiting period, the insurance will allow customers to issue several claims throughout the policy tenure, considering the range of insurance amount that customers choose.

Further, the insurance policy will grant a discovery period of 90 days along with an additional seven-days long duration for reporting their concerns.

The bank claims that this ensures detection of an unauthorized transaction processed from either the insured’s card or account, 90 days after the date of transaction and allow them to report in the following seven days to the relevant bank or mobile wallet company.

As one of the entrusted payments bank in India, Airtel Payments Bank launched Airtel Safe Pay last year introducing the safest online transaction option, building upon the consecutive efforts of the platform to focus on cyber insurance solutions. 

Moreover, the Insurance Regulatory and Development Authority of India (IRDAI) is stressing upon the need for cyber insurance, urging financial firms to address the rising prevalence of digital fraud and cyber thefts that were instigated during the pandemic.

Source Credit: https://economictimes.indiatimes.com/industry/banking/finance/insure/airtel-payments-bank-partners-icici-lombard-for-cyber-insurance/articleshow/89417920.cms