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Protect Digital Transactions Across UPI & Payment Ecosystems
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PRODUCT OVERVIEW
UPI Protect is a digital payment insurance that helps customers manage financial losses arising from eligible UPI and mobile wallet frauds. The UPI fraud insurance supports protection against unauthorised digital payment transactions, phishing scams, fraudulent payment requests, and device-related payment misuse across connected payment platforms.
For businesses, UPI Protect acts as a value-added customer protection solution that can be integrated within banking apps, fintech platforms, digital wallets, and payment ecosystems to improve digital transaction confidence and customer engagement. Digital fraud protection adoption is increasing among fintech and wallet ecosystems as users increasingly expect transaction-level security assurances during high-frequency UPI payments.
WHY UPI PROTECT
Customers are more likely to continue using payment platforms that offer security-backed transaction protection, fraud assistance, and quick support during disputes.
UPI Protect helps users feel safer while making digital transactions by offering protection against fraud, unauthorised access, and suspicious activities.
A secure payment environment encourages customers to complete transactions more confidently, improving overall transaction success and platform trust.
Businesses can bundle UPI Protect as a value-added feature within premium banking, fintech, or subscription-based offerings to improve customer experience.
UPI Protect enables businesses to create additional revenue streams through subscription models, bundled protection plans, or partner-led financial protection services.
With dedicated assistance and fraud resolution support, businesses can lower customer complaints, reduce operational pressure on support teams, and improve resolution efficiency.
FRAUD SCENARIOS
Fraudsters trick users through fake websites, SMS links, or WhatsApp messages to access banking credentials and payment information.
Scammers impersonate banks or payment service providers to obtain UPI PINs, OTPs, or sensitive account details.
Protection support for fraudulent UPI transactions performed without customer authorisation.
Fraud involving unauthorised transactions through linked digital wallets and payment applications.
Unauthorised transactions occurring after mobile phone theft, device compromise, or account misuse.
Fraud incidents involving fake sellers, QR-code scams, or peer-to-peer payment manipulation on marketplace and social commerce platforms.
INCLUSIONS & EXCLUSIONS
UPI Fraud Protection
Protection support for eligible unauthorised UPI transactions involving phishing, hacking, or payment fraud.
Mobile Wallet Transaction Protection
Coverage for eligible fraudulent transactions carried out through linked mobile wallets.
Device Theft-Related Transaction Support
Protection assistance for eligible unauthorised transactions following device theft or mobile compromise.
Look-Back Fraud Reporting Support
Eligible fraud transactions identified within specified reporting timelines may be considered under the protection framework.
Digital Claim Assistance
Support for initiating and coordinating fraud-related claim requests through digital channels.
Multi-App Payment Support
Protection solutions compatible across multiple UPI-enabled payment applications and ecosystems.
OTP or PIN Shared by Customer
Transactions authorised through voluntarily shared OTPs, PINs, or banking credentials are generally excluded.
Refunded or Reversed Transactions
Transactions already reversed, refunded, or compensated by banks or payment providers may not qualify.
Technical or System Errors
Losses arising solely due to app malfunctions, server downtime, or technical banking issues are typically excluded.
Intentional or Fraudulent Misuse
Transactions involving deliberate misuse, fraudulent intent, or policy violations may not be considered.
Delayed Fraud Reporting
Incidents reported beyond the specified reporting timeline may not qualify for assistance.
Non-Eligible Transaction Categories
Transactions falling outside defined protection conditions or insurer guidelines may be excluded.
Note: Coverage, inclusions, exclusions, reporting timelines, and claim admissibility may vary depending on the insurer, plan structure, and policy wording. Please refer to the policy documents for detailed terms and conditions.
WHO CAN BUY
Strengthen customer confidence across mobile banking and UPI-enabled banking ecosystems.
Enable added financial protection for customers transacting through UPI payment journeys.
Support safer wallet transactions with protection against unauthorised payment misuse.
Integrate embedded UPI fraud protection solutions within lending, investment, and finance applications.
Enhance customer trust during online purchases and marketplace transactions.
Offer integrated payment protection solutions within onboarding and transaction flows.
COVERFOX EDGE
Offer customers digital payment protection solutions through IRDAI-approved insurer and assistance-provider partnerships.
Integrate UPI fraud protection directly within payment, wallet, and banking journeys.
Enable faster deployment across fintech platforms, banking applications, and payment ecosystems.
Support seamless onboarding, activation, and customer assistance through digital workflows.
Support API-based, embedded, and partnership-led implementation models for businesses.
Deliver protection solutions designed for high-volume digital payment ecosystems and growing user bases.
With the rapid growth of digital payments and UPI adoption, businesses are increasingly looking to offer additional payment security solutions that improve customer confidence and reduce fraud-related concerns.
Yes, UPI fraud protection can improve customer trust by offering reimbursement support for eligible unauthorised transactions, helping reduce payment anxiety in digital ecosystems.
Yes, UPI Protect solutions are designed to support scalable digital payment ecosystems, including fintech apps, banking platforms, and merchant payment journeys.
Yes, businesses can integrate UPI Protect as a value-added protection offering alongside digital payment, banking, wallet, or embedded finance products.
Yes, UPI Protect solutions can be integrated within digital onboarding journeys, enabling seamless activation and customer enrolment experiences.
UPI protection solutions help fintech companies strengthen payment security positioning, improve customer engagement, and enhance digital transaction confidence.
Disclaimer
UPI Protect solutions are subject to insurer terms, fraud verification processes, reporting timelines, and applicable exclusions. Protection benefits, claim eligibility, and coverage conditions may vary depending on the insurer and selected plan structure. Transactions involving voluntarily shared OTPs, PINs, or customer negligence may not qualify for protection. Coverfox acts as an insurance broker and facilitation partner for insurance-related services.
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