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Airtel Payments Bank has partnered ICICI Lombard General Insurance to offer Cyber Insurance Solutions to customers.
The cyber insurance solution from ICICI Lombard provides financial protection to customers against potential financial fraud relating to banking, credit or debit card; identity theft; phishing or email spoofing, and more.
Airtel Payments Bank customers can purchase this cyber insurance policy using the Airtel Thanks app. This insurance comes with a ZERO waiting period and allows users to make multiple claims multiple times during the policy tenure, within the limits of the insured amount opted for.
Cyber insurance policy
The policy will provide a 90-day discovery period followed by a seven-day reporting period. This means that if the insured discovers an unauthorised transaction processed from their card or account on the 90th day from the transaction date, they can still report it in the next seven days to the issuing bank or mobile wallet company.
Growth in digital payments and transactions has also led to a surge in online frauds that are becoming increasingly sophisticated.
Sanjeev Mantri, Executive Director, ICICI Lombard, said, “The Covid-19 pandemic has blurred the line between home and workplace. With numerous companies normalising work from home, data is being transcended into the open domain, hence sensitive information is more prone to security vulnerabilities. We are excited to partner with Airtel Payments Bank as this tie-up will assert the company’s pledge to provide innovative new-age risk solutions to our customers to prevent cyber-attacks exploding in the era of digital transformation.”
Ganesh Ananthanarayanan, Chief Operating Officer, Airtel Payments Bank, said, “We are pleased to partner with ICICI Lombard to offer this product to our customers. It is an important addition to our existing bouquet of simple, secure and value-driven solutions, and we hope our users will seek the advantage of this unique offering.”
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