What is Cyber Fraud Protection Plan On Paytm and How to Get It?

Cyber fraud, ranging from unauthorized transactions to identity theft, poses a significant threat to users of digital payment platforms. To combat these risks, Paytm has introduced a dedicated Cyber Fraud Protection Plan in collaboration with OneAssist, aimed at providing comprehensive security to its users.

This blog explores what exactly the Cyber Fraud Protection Plan on Paytm is about and how you can secure it for yourself.

What’s Cyber Fraud Protection Plan & Why Do You Need It?

A Cyber Fraud Protection Plan is a comprehensive service designed to protect individuals, businesses, and organizations from various forms of cyber fraud. Cyber fraud consists of a wide range of malicious activities, including identity theft, phishing, online scams, data breaches, and financial fraud. These cyber fraud protection plans typically include a mix of preventative measures, real-time monitoring, and response strategies to detect and mitigate cyber threats. Paytm offers this plan in partnership with OneAssist. 

These plans offer proactive detection of common cyber frauds such as credit/debit card cloning and unauthorized transactions, UPI payment fraud on apps or websites, and the ability to block SIM cards when necessary, with options for refunds in major cases. 

Having a cyber fraud protection plan not only facilitates smoother transactions but also ensures peace of mind that your personal information, financial details, and transactions are secure from scams. Moreover, there are various apps available that allow you to customize your plan with additional benefits or top-ups according to your specific needs.

This comprehensive plan includes:

Coverage

• Debit & Credit Card Protection: Covers fraudulent transactions on both debit and credit cards.
• UPI Payment Security: Ensures security for UPI payments made via Paytm and other apps.
• One-Call Card Blocking: Instantly blocks all debit and credit cards with a single phone call.
• SIM Card Blocking: Enables quick blocking of lost or stolen SIM cards to prevent mobile banking fraud.
• Free Fraud Protection: No additional charges for the insurance coverage.
• Free PAN Replacement: Covers expenses for obtaining a new PAN card in case of theft or loss.

Plan Details

• Cost: ₹99 for 90 days.
• Sum Insured: ₹25,000 per plan.
• Automatically available to all Paytm users.

Who Should Buy Cyber Fraud Protection Plan?

Paytm  Cyber Fraud Protection Plan Highlights

• Protect debit & credit cards
• Safeguards UPI Payments
• Block all cards in 1 call
• SIM card blocking
• Free fraud protection
• Free PAN replacement

Paytm Cyber Fraud Protection Plan Features

Digital Payment Protection

24/7 Card Blocking and Assistance

Faster Claim Process (up to ₹5,000)

Free Replacement of ID Cards

Secure Your UPI and M-Wallets with Pre-Reporting

Protection Against Card Cloning Frauds

Types of Cyber Insurance

Here are two types of cyber insurance:

• First-party Cyber Insurance: This type of cyber insurance focuses on covering the direct financial losses and expenses incurred by the insured party as a result of a cyber incident. It typically includes coverage for costs related to data breach response, forensic investigations, notification and credit monitoring services, public relations efforts, business interruption losses, and even ransom payments in cases of cyber extortion.
• Third-party Cyber Insurance: Third-party cyber insurance provides coverage for liability claims and legal expenses that may arise if the insured party is held responsible for a cyber incident that affects another party. This can include costs associated with legal defence, settlements, and judgments resulting from a data breach or other cyber-related events. It helps protect against claims for damages, privacy violations, intellectual property infringement, and other liabilities arising from a cyber incident.

How to File Paytm Cyber Fraud Protection Plan Claim?

• Report the Issue: Immediately report any fraud or loss on your cards, UPI, or wallet by calling One Assist on the toll-free number (1800 123 3330) within 24 hours of the incident. You can also report it online at www.oneassist.in.
• Get Claim Support: The One Assist team will register your request, explain the process, and send you a claim form and a list of required documents via email.
• Complete the Documentation: Fill out the claim form and submit scanned copies along with the requested supporting documents to One Assist.

Difference Between Paytm Cyber Fraud Protection Plan and Others?

Here’s a comparison table that highlights the strengths of Paytm’s Cyber Fraud Protection Plan over other similar plans:

Common Cyber Frauds to Be Aware Of

1. Phishing: Fraudulent attempts to obtain sensitive information (like passwords, credit card numbers etc) by posing as a trustworthy entity.
2. Identity Theft: Stealing personal information to impersonate someone else for financial gain or to commit crimes.
3. Ransomware: Malware that encrypts data on a victim’s computer and demands payment for decryption.
4. Online Shopping Scams: Fake websites or sellers that deceive consumers into paying for goods or services that don’t exist or aren’t as advertised.
5. Payment Card Fraud: Unauthorized use of credit or debit card information to make purchases.
6. Social Engineering: Manipulating people into revealing confidential information or performing actions they wouldn’t normally do.
7. Investment Scams: False promises of high returns with little risk, often involving fake investments.
8. Malicious Software (Malware): Software designed to harm your computer or steal information, including viruses, spyware, and keyloggers.
9. Fake Job Offers: Scammers pose as employers offering jobs, requesting personal information or payment for supposed training or equipment.
10. Tech Support Scams: Fraudsters claiming to be tech support, tricking victims into paying for unnecessary services or gaining remote access to their computers.

Stay informed, stay secure!