Wallife unveils digital identity theft insurance to guard UK consumers

Wallife unveils digital identity theft insurance to guard UK consumers

Wallife, the Italian InsurTech, has taken a bold step to protect UK consumers from the ever-growing risk of online threats.

Known for its innovative insurance solutions, Wallife’s latest offering targets the issue of digital identity theft, providing much-needed security in our increasingly digital world.

The newly introduced product responds to the rising need for protection against cyber threats. The digital landscape continues to evolve, and with it, so does the sophistication of online criminals. Wallife’s product serves as a line of defence, ensuring that consumers are shielded from this digital adversity.

Wallife is an accomplished player in the InsurTech sector, specialising in developing insurance solutions that address emerging risks associated with technological advancements. Headquartered in Italy and with operations in Switzerland and the UK, Wallife has managed to secure more than $15m in funding, underscoring their significant role in the insurance industry.

The new insurance product is tailored to safeguard a user’s digital identity from unauthorised access or fraudulent use, a particularly pertinent feature for our connected society. Whether it’s social media profiles or financial accounts, Wallife’s insurance policies provide a unique protective measure – the Wallife™ Individual Behavioural Signature. This innovation establishes whether a device user is the legitimate owner or an imposter.

Additional to the basic coverage, Wallife offers a choice of four plans for users, allowing them to select the one that best suits their needs. From protecting online payment accounts to social accounts, customers can choose to insure up to 20 smartphones, even those belonging to their family or friends. Furthermore, Wallife’s services include security screening of links, documents and QR codes, significantly mitigating the risk of phishing attacks.

Wallife Chief Growth Officer Bruno Ferreira said, “In Western Europe, around 1 in 3 people have had their digital identities attacked in some way. Yet to date, there have been no insurance products to protect affected consumers and help them get back on their feet. Considering how much of our lives are now lived online, it’s a huge gap in the market that isn’t being served by existing insurance providers.”

He further added, “The UK is one of the world’s leading digital economies, and its population develops and adopts new online technologies and products very quickly. As a result, British people are more at risk from the new, emerging threats that arise from innovation than many other groups, which is why we’re keen to offer them digital identity theft insurance and peace of mind.”

Keep up with all the latest FinTech news here

Copyright © 2023 FinTech Global

Enjoying the stories?

Subscribe to our daily FinTech newsletter and get the latest industry news & research


The following investor(s) were tagged in this article.