BharatPe Launches Shield to Combat UPI Fraud

Fintech firm BharatPe has introduced a fraud protection plan called Shield to safeguard users against digital frauds, including fraudulent Unified Payments Interface (UPI) transactions. 

The plan offers coverage for fraudulent transactions up to ₹5,000, available at a subscription cost of ₹19 per month. First-time UPI users on the BharatPe app will receive 30 days of complimentary fraud protection. Similar offerings are available on platforms like Paytm. 

Shield covers risks such as computer fraud, phishing, and unauthorized transactions caused by phone theft, allowing users to claim losses for incidents reported within 10 days. 

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Shield Plan Secures Transactions

Nalin Negi, CEO of BharatPe said, “With BharatPe Shield, we are empowering users with a fraud protection plan to secure their daily transactions, emphasizing security as a key aspect of our services,”.

BharatPe, which launched its UPI service in August, introduced Shield in response to the growing incidence of UPI fraud in India. Reports indicate that during FY25 (up to September), UPI-related frauds amounted to ₹485 crore across 632,000 incidents. Since FY23, cumulative losses from such frauds have reached ₹2,145 crore, with 1.34 million cases reported in FY24 alone, totaling ₹1,087 crore in losses. This rise coincides with an increase in UPI users and transaction volumes.

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