Cyber Fraud: A foolproof way to avoid cyber fraud, this small step can save your money..

Today, every shop, every bill, and every purchase is made online. UPI, net banking, and card payments have made life easier. But this same digital convenience has also provided opportunities for cybercriminals. One wrong link, one unknown call, or one false message, and your bank balance can be depleted.

Why is the threat of cyber fraud increasing?
Digital transactions have grown rapidly in India, but digital awareness hasn't increased at the same pace. People often share OTPs, passwords, or bank details. In some cases, hacking occurs without any fault.

Online criminals have become more cunning than ever. They pose as bank officials, create fake websites, or send fake links on WhatsApp.

What is cyber insurance, and how does it work?
In simple terms, cyber insurance is insurance for your digital life. Just as vehicle insurance covers losses after an accident, cyber insurance compensates for financial losses caused by online fraud or hacking.

When a cyber attack occurs:

• You immediately inform the insurance company
• The company investigates and assesses the damage
• If the claim fits the policy terms, compensation is provided

What does cyber insurance cover?
Type of cover: What assistance is provided?
Unauthorized transactions: Reimbursement of stolen funds
Identity theft, legal assistance, and recovery
Phishing/ransomware Reimbursement of financial losses
Help in recovering social media hacked accounts
Legal expenses, lawyers, and support in the grievance process
Who needs it most?
There's hardly a family today that's completely offline, but some groups are at greater risk:

• Online shopping and banking users
• Remote workers and freelancers
• High-net-worth individuals
• Social media influencers

If every member of the household is online, everyone is at risk.

Is it expensive for the average family?
Many people think that insurance means a huge expense. But individual cyber insurance premiums are about the same as a few cups of tea per day. Family plans can cover the entire family.

Is it completely foolproof?
Cyber ​​insurance doesn't prevent crime, but it can protect you after a loss. If you report on time and adhere to the policy terms, it provides a strong financial cushion.

But keep in mind:

• Negligence (such as sharing OTPs) can result in a claim being rejected.
• Reporting too late can also be problematic.
• Some policies don't cover crypto or unregulated platform losses.

So, read the terms carefully before purchasing a policy.

The Real Formula for Foolproof Security
If you adopt these small habits along with cyber insurance, your security increases exponentially:

Strong and unique passwords

Enable two-factor authentication (2FA)

Just this "small act" can be a big step towards protecting your life's savings.

Why has it become a necessity today?
In the digital age, money isn't just stored in safes, but also in mobile phones. Cyber ​​fraud isn't limited to big cities or wealthy individuals. People in villages and small towns are also falling victim. In such a scenario, cyber insurance isn't just an option, but a sensible approach to digital security.

Disclaimer: This content has been sourced and edited from Zee Business. While we have made modifications for clarity and presentation, the original content belongs to its respective authors and website. We do not claim ownership of the content.