Cyber frauds: Banks step up efforts to promote safe banking habits

Apart from HDFC Bank's 'Vigil Aunty', a host of private sector general insurers also offer individual cyber insurance policies

From launching campaigns like “RahoCyberSafe” and “Vigil Aunty” to urging their customers to buy retail cyber insurance policies, banks are taking various measures to encourage safe habits at a time when banking has shifted largely online and vulnerability to cybercrimes has gone up (see box).

A host of private sector general insurers, including ICICI Lombard General Insurance and HDFC Ergo General Insurance, are offering individual cyber insurance policies, which, among many other things, cover any direct financial loss resulting from a transaction not made/authorised by the customer.

The coverage under the individual cyber insurance also includes identity theft, social media