Kathmandu. In recent times, the news of fraudulent transactions of millions and crores of rupees through digital arrest in India has become a daily occurrence. Relief has come out for the victims of such incidents.
According to the news published in ET, banks and insurance companies in India are currently considering a new type of insurance policy. This policy will provide protection to the victims of digital arrest scams.
The Indian government has been proactive in responding to the increasing cases of digital arrests and victims of such scams involving high-profile individuals. The Government of India has also formed a committee to look into the matter. The committee is looking for ways to work in tandem with tools such as the ‘Kill Switch’ for UPI (Unified Payments Interface) transactions.
The ‘kill switch’ allows people to freeze their business instantly. If this plan is successful, then India will be the first country to provide fraud coverage for such cyber scams. The plan aims to manage risk and keep premiums affordable.
Existing insurance policies do not cover or compensate for losses caused by such frauds. The real problem is that the victims technically authorize these transactions, even if they are under pressure. –Agency
