NordVPN to launch new insurance product to protect consumers against shopping fraud and scam loss

NordVPN has revealed that it will launch a cyber insurance product that provides protection against scam loss and online shopping fraud.

A statement released today (19 December 2023) said the new proposition would allow customers affected by such activity to claim reimbursements of up to £5,000 in a 12 month period.

The firm is making the move as it looks to “bridge the cyber protection gap” and support its customers affected by cybercriminals.

According to a survey by NordVPN, some 24% of the population across the UK have experienced an online shopping scam, which amounts to approximately 12m people.

And one in five scam victims suffered over £1,000 in financial losses.

“While cybersecurity and privacy tools help to protect internet users from a technical perspective, human error remains an essential factor in cybersecurity and no one is fully protected from scams,” Tomas Okmanas, cofounder of Nord Security, said.

“Especially considering that tactics used by cybercriminals are becoming more sophisticated, even cyber-savvy users sometimes get tripped up”.

Solutions

NordVPN said its scam loss recovery solution would provide reimbursement when a user has transferred funds from a personal account after being tricked into opening or responding to emails, text messages and phone calls that appeared to be from legitimate entities or known and trusted people.

And the online shopping fraud recovery solution provides reimbursement when a user has purchased eligible items or services online from a website or trading platform that turned out to be fraudulent.

Customers can claim if they have not been able to recover the lost monies via their bank, credit card company or other finance provider.

Users signed up to the NordVPN Ultimate bundle subscription plan will be able to access the solutions.

“With cyber insurance benefits in our product bundle, we aim to complement our technological solutions, bridge the cyber protection gap and support our customers who were affected by cyberattacks,” Okmanas said.