Satya Swaroop Dash
Satya Swaroop Dash
Computer Science
21 Mar 2017

Paytm wallet balance is now insured against unauthorised access for free

India’s leading digital wallet service, Paytm has introduced Wallet Insurance for all of its users. Any Paytm user who has balance in his/her wallet is insured under this scheme. The Paytm Wallet Insurance is being offered free of cost. The Paytm Wallet Insurance will safeguard your wallet balance in case of theft, loss of smartphone or unauthorised access of Paytm wallet. In order to avail the insurance benefits you have to report the loss of your device on the Paytm website or calling the Customer Care number within 12 hours of the unfortunate event. You would also have to register an FIR with your local Police authorities and forward the details to Paytm.

Paytm-Wallet-Insure

Paytm is covering losses of Paytm Wallet balance up to Rs. 20,000 due to fraudulent transactions as a result of theft, burglary or loss of mobile phone/device. It will also insure the Paytm Wallet balance due to unauthorised transactions only in the case where the user’s log-in credentials weren’t shared. Once you contact the customer care department of Paytm and lodge an FIR and forward them their details, the company shall block your Paytm Wallet to prevent misuse. Just in case that the perpetrator has managed to spend some or all of your balance, Paytm will assess whether the claim if genuine or not and then settle your insurance claim within 5 working days. To get the settlement you have to confirm that you have regained your account and changed the password.

Paytm informs us that it shall not reimburse your claims in case of misplaced or shared credentials, frauds from credit/debit card, negligence of the user and not adopting latest security features from Paytm. We would like to advise our readers to always employ a screen lock on your phone as well as app lock on the Paytm app to prevent unauthorised use. We would also like the fact if Paytm introduced a PIN system for their app just like it does in Jio Money.

Source: Paytm Blog

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