UPI has revolutionized the way we make payments in India. From street vendors to online shopping, it’s everywhere. But with this convenience comes a rise in UPI frauds. Phishing scams, fake apps, and QR code tricks can leave you vulnerable.
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To address such frauds, Paytm, in partnership with HDFC ERGO Cyber Sachet Insurance, has launched a unique insurance offering called “Paytm Payment Protect”. This blog will explain Paytm’s UPI fraud protection plan, its features, and shed light on how you, as a Paytm user, can stay vigilant and secure your transactions.
Paytm UPI Fraud Protection Plan
Paytm, in partnership with HDFC ERGO Cyber Sachet Insurance, has launched a unique insurance offering called “Paytm Payment Protect” to protect users against fraudulent UPI transactions made through any UPI app or digital wallet.
Key features of Paytm Payment Protect:
- Coverage up to ₹10,000 per year against UPI frauds
- Affordable premium of as low as ₹30 per year
- Convenient and hassle-free claims process
- Comprehensive protection against various UPI-related frauds like phishing scams, remote screen mirroring, and deceptive UPI handles
Benefits of Paytm UPI Fraud Protection Plan
Here are the key benefits of Paytm’s UPI Fraud Protection Plan:
- Coverage against UPI Frauds: The plan provides coverage up to ₹10,000 per year against fraudulent UPI transactions made through any UPI app or digital wallet.
- Affordable Premium: The plan comes at a cost of as low as ₹30 per year, making it accessible to a wide range of users.
- Convenient Claims Process: The claims process is designed to be simple and hassle-free, ensuring that users can quickly get their money back in case of any fraudulent activity.
- Comprehensive Protection: The plan covers a wide range of UPI-related frauds, including phishing scams, remote screen mirroring, and deceptive UPI handles, providing users with comprehensive protection against digital payment risks.
- Enhanced Trust in Digital Payments: By providing affordable and comprehensive protection against UPI frauds, Paytm aims to enhance the trusted digital payments experience and increase the adoption of digital payments in the country
What Is Covered Under the Paytm UPI Fraud Protection Plan?
- UPI & Wallet Transactions: Protects authorized digital transactions made through UPI and mobile wallets, up to the insured amount.
- Phishing & Email Scams: Covers losses arising from phishing and email spoofing scams, limited to the sum insured.
- Fraudulent Penalties: Reimburses bank penalties imposed due to fraudulent transactions that affect minimum balance requirements or EMI payments, up to the insured limit.
- Legal & Wage Loss: Provides coverage for legal expenses and lost wages incurred as a direct result of UPI fraud, subject to the sum insured.
- Worldwide Coverage: Resident Indian account holders can claim coverage for eligible losses occurring anywhere globally, within the insured amount.
What Is Not Covered Under the Paytm UPI Fraud Protection Plan?
- Losses due to physical theft of your card, phone, or any device used for UPI transactions.
- Transactions made on suspicious or unauthorized websites.
- Any losses incurred in crypto-currency transactions are not covered.
- Losses resulting from gambling activities are not included in the coverage.
- The policy does not cover losses arising from professional or business activities.
How to Buy a UPI Fraud Protection Plan on Paytm?
Step 1: Open the Paytm app on your device.
Step 2: Navigate to the ‘Insurance’ section available on the home screen.
Step 3: Click on ‘All Insurance products’ and scroll through the screen.
Step 4: Under the category of protection plans, select ‘UPI Fraud’.
Step 5: Enter your name and mobile number on the next screen.
Step 6: Click on ‘Proceed’ to make a payment of Rs 30.
Step 7: Choose your bank account for the payment.
Step 8: Once the payment is completed, your UPI Fraud protection plan will be activated.
How to Claim Paytm UPI Fraud Protection Plan?
- Report the Fraud: Act quickly! Report the suspected UPI fraud to HDFC ERGO General Insurance within 72 hours of discovery. You can do this by calling their toll-free number (022 6234 6234) or through their website’s self-help portal.
- File a Police Report: File a cyber cell report (or an FIR if required by the insurer). This report documents the incident and aids the investigation.
- Contact Your Bank: Inform your bank about the fraudulent transaction and obtain confirmation that they cannot refund the lost money.
- Submit Claim Documents: Send HDFC ERGO a copy of your bank statement highlighting the fraudulent transaction details.
- Additional Documents: Be prepared to submit any other documents requested by the insurer during the claim process.
- Policy Wording Reference: For a complete list of required documents and claim procedures, refer to your specific HDFC ERGO UPI Fraud Protection policy wording on Paytm app.
Remember: Timely reporting and complete documentation are crucial for a smooth claim process.
UPI Frauds You Should Be Aware Of
1. Vishing
Fraudsters pose as bank representatives and ask questions to extract sensitive information like UPI PINs and passwords.
2. Fake UPI Payments or Transfers
Scammers send fake payment or transfer requests to manipulate users into believing they have received a legitimate UPI transaction.
3. Phishing
Fraudsters send bogus emails with links to fake websites to access sensitive information like UPI PINs and passwords
4. OTP/UPI PIN-related scams
Fraudsters send “request money” links to users, clicking on which, instead of receiving money, the amount gets deducted from your account. Apart from this, fraudsters may try to convince you to share your OTP/ UPI PIN over the call by acting as bank representatives or the like. Once ….
Paytm offers a UPI Fraud Protection Plan, an optional safety net that could provide an extra layer of security and potentially reimburse you for covered losses due to fraud. But remember, vigilance is still key! Always double-check transaction details and choose a platform like Paytm that prioritizes user safety.
Disclaimer: This blog is written to make it easy for readers to understand complicated processes. Some information and screenshots may be outdated as processes change. However, we try our best to keep our blogs updated and relevant.
