According to a report due to the increasing skimming and online fraud cases the banks are opting for more insurance covers against online frauds, phishing and skimming. Insurance companies showed that large Indian banks are opting for policies worth Rs 500 crore to shield against fraud.

Due to the rise in the use of plastic money, credit cards, online banking the risk of skimming and phishing are increasing rapidly. TR Ramalingam, head of underwriting at Bajaj Allianz General Insurance reported that these due to these online frauds a huge upsurge is noticed in the demand of insurance covers against such frauds.

Earlier the insurance companies do not provide policies related to computer fraud, but now they are finding it to be big in coming days. Recently 62 banks filed a total of 26,598 cases related to online frauds. Due to these increasing frauds people are actively looking for the measures to protect themselves from these frauds.