UPI Fraud Insurance

Protect Digital Transactions Across UPI & Payment Ecosystems

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Safeguard Your Digital Transactions.

PRODUCT OVERVIEW

What is UPI Fraud Insurance?

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.

Improved Customer Retention

Customers are more likely to continue using payment platforms that offer security-backed transaction protection, fraud assistance, and quick support during disputes.

Reduced Payment Anxiety

UPI Protect helps users feel safer while making digital transactions by offering protection against fraud, unauthorised access, and suspicious activities.

Increased Transaction Confidence

A secure payment environment encourages customers to complete transactions more confidently, improving overall transaction success and platform trust.

Enhanced Premium Offerings

Businesses can bundle UPI Protect as a value-added feature within premium banking, fintech, or subscription-based offerings to improve customer experience.

Embedded Revenue Opportunities

UPI Protect enables businesses to create additional revenue streams through subscription models, bundled protection plans, or partner-led financial protection services.

Reduced Support Escalations

With dedicated assistance and fraud resolution support, businesses can lower customer complaints, reduce operational pressure on support teams, and improve resolution efficiency.

Phishing & Fake Payment Links

Fraudsters trick users through fake websites, SMS links, or WhatsApp messages to access banking credentials and payment information.

Fake Customer Care Scams

Scammers impersonate banks or payment service providers to obtain UPI PINs, OTPs, or sensitive account details.

Unauthorised UPI Transactions

Protection support for fraudulent UPI transactions performed without customer authorisation.

Mobile Wallet Fraud

Fraud involving unauthorised transactions through linked digital wallets and payment applications.

Device Theft-Related Fraud

Unauthorised transactions occurring after mobile phone theft, device compromise, or account misuse.

Marketplace & Social Payment Fraud

Fraud incidents involving fake sellers, QR-code scams, or peer-to-peer payment manipulation on marketplace and social commerce platforms.

What is Included Under UPI Protect Insurance

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.

What is Not Included Under UPI Protect Insurance

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

Payment Platforms That Need UPI Protection Insurance

Banking Applications

Strengthen customer confidence across mobile banking and UPI-enabled banking ecosystems.

UPI Payment Platforms

Enable added financial protection for customers transacting through UPI payment journeys.

Digital Wallet Ecosystems

Support safer wallet transactions with protection against unauthorised payment misuse.

Fintech Platforms

Integrate embedded UPI fraud protection solutions within lending, investment, and finance applications.

Merchant Payment Journeys

Enhance customer trust during online purchases and marketplace transactions.

Embedded Payment Ecosystems

Offer integrated payment protection solutions within onboarding and transaction flows.

IRDAI-approved Insurer Partners

Offer customers digital payment protection solutions through IRDAI-approved insurer and assistance-provider partnerships.

Embedded Digital Protection

Integrate UPI fraud protection directly within payment, wallet, and banking journeys.

Simplified Integration Support

Enable faster deployment across fintech platforms, banking applications, and payment ecosystems.

Digital-First Customer Experience

Support seamless onboarding, activation, and customer assistance through digital workflows.

Flexible Business Integration Models

Support API-based, embedded, and partnership-led implementation models for businesses.

Scalable Customer Protection Solutions

Deliver protection solutions designed for high-volume digital payment ecosystems and growing user bases.

Why is UPI fraud protection becoming important for businesses?

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.

Can UPI Protect solutions improve customer trust?

Yes, UPI fraud protection can improve customer trust by offering reimbursement support for eligible unauthorised transactions, helping reduce payment anxiety in digital ecosystems.

Are UPI protection solutions suitable for high-volume payment platforms?

Yes, UPI Protect solutions are designed to support scalable digital payment ecosystems, including fintech apps, banking platforms, and merchant payment journeys.

Can UPI Protect be offered as a value-added service?

Yes, businesses can integrate UPI Protect as a value-added protection offering alongside digital payment, banking, wallet, or embedded finance products.

Do UPI protection solutions support digital-first onboarding?

Yes, UPI Protect solutions can be integrated within digital onboarding journeys, enabling seamless activation and customer enrolment experiences.

How can UPI protection solutions benefit fintech platforms?

UPI protection solutions help fintech companies strengthen payment security positioning, improve customer engagement, and enhance digital transaction confidence.

Safeguard Your Digital Transactions

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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.