Banks and insurers are in early talks to design an insurance product that could cover victims of digital arrest scams, said people with knowledge of the matter. If implemented, India would become the first country with fraud coverage for such cyber scams. The plan aims to balance risk with affordable premiums, said one of the people cited.
The government has set up an interdepartmental committee to study a mechanism that complements tools such as a kill switch for transactions using the Unified Payments Interface (UPI), allowing users to instantly…
