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Online frauds lead banks to insurance cover

If you become a victim of online banking fraud or your account gets hacked, do not worry, more and more banks are opting for insurance coverage against online banking frauds. There are chances that you get your lost money through insurance claim raised by the concerned bank.

According to industry reports, large banks having national and international operations are buying insurance policies to the tune of staggering Rs 500 crore plus to cover online banking frauds. Small to mid-size banks, at the other end, are also taking this threat seriously, and their insurance spend is reaching the level of Rs 150-300 crore a year.

It is said that banks in India have lost more than Rs 17,000 crore on account of online fraud, in 2012-13. Over 25,000 cases of online frauds were reported during this period.

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