Comprehensive Insurance For Cybercrime Victims - Protect Against Fraud
Upcoming is the essential insurance against fraud for cybercrime victims in India, having the coverage that provides protection and support to recover money from fraudsters. The law is getting ready to get the citizens to stay secure with innovative plans designed to combat coercion-based scams.
Banks and Insurance companies are in talks for providing protection plans against scams where money, data transfer occur by coercion
Background – Anatomy of SCAMS in India
As per the records of Indian Cybercrime Coordination Centre , during the Duration 2021 to 2023: Total cybercrime rose from 4.5 lakh to 15 lakh
- Digital Scam Losses: 1935 Crores Rupees
- April 2021 to November 2025 :>>
- Amount stolen by cyber fraud: Rs 52,969 crores
- Amount blocked before reaching fraudster: Rs 7647 crores
- Amount restored to victims: 2.2% (Rs 167 crores)
Insurance Plan Highlights
- If implemented, India will be the first country providing Insurance against cybercrime frauds.
- Highlights of such insurance scheme will be lower and affordable premiums.
Insurance scheme will be providing solution mechanisms to protect vulnerable people who transfer money or data under phycological pressure and coercion. The existing insurance schemes with providers exclude the coverage of voluntary transactions even done under duress or phycological pressure. The obsolete policies do not recognize of provide any remedial approach to the crime of coercion and phycological duress in conducting transactions or even covering the transactions done by Impersonation.
- Core Issue: The core issue is centered on the fact that victims technically authorize these transactions themselves, even though they do it under coercion and under extreme phycological pressure. This makes it impossible to recover the money under the existing insurance policies.
- Reimbursement : The New Insurance Policy envisions reimburse up to 80% of the defrauded or scammed amount or Rs 25000/- whichever is lower.
- Claims Processing : On the challenge of processing claims, the banks would be first to know the transaction, and main challenge is defining the phycological duress and impersonation causing the authorized transactions, therefore the banks are mulling a clear procedure for claims, that will enjoin and encompass – banks, insurers, regulators and law enforcement agencies, which till now are working in silos.
- Marketing the New Insurance Product: The new insurance policies or products providing protection from cyber fraud scams shall be marketed as bundled or packaged with banking products like deposits, credit cards etc.
Quick Help on Cybercrime
To report a fraudulent transaction or any crime of coercion or scamming activity directed towards you, don’t delay reporting it on Cybercrime’s National Helpline Portal.
Just Login To Cybercrime Portal to Lodge Complaint
You need to create your own login id, before signing in to report a cybercrime or track the status of your complaint.
Lodging the complaint is the foremost step you should take.
Need Legal Assistance
In cases where you are in need of legal assistance if you are facing the crimes of coercion, data breaches, blackmailing, or any other crime targeting your integrity, social reputation or you need to talk to expert on legal rights, legal remedies and steps to take in eventualities of cyberfraud, reach out to us by sending instant message, or click the link to send us your complete case history, Our legal advisors and experts are always there to help you with accurate advise and empathy.
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