Insurance provider Zurich and digital bank GXBank have announced the launch of Cyber Fraud Protect, a digital insurance product designed to protect Malaysians against financial loss from unauthorized electronic transactions. It will be offered through the GXBank application and powered by the Zurich Edge platform.
New GXBank Insurance Plans
“According to the Federal Commercial Crime Investigation Department, Malaysians lost a staggering RM1.6 billion to online scams over 19 months, from last year up to July 2024,” the joint press statement reads. News of online scams have been a regular occurrence in recent years, and this is where the insurance comes into play.
Cyber Fraud Protect covers various financial mediums, including local bank accounts, e-wallets, and credit or debit cards from losses incurred by unauthorized transfers. “We’re confident it will offer Malaysians the robust protection they need in today’s fast-changing digital landscape,” said Junior Cho, Head of Zurich Malaysia.
GXBank CEO Pei-Si Lai also noted that more insurance products will be offered down the line. “Our collaboration will also see us introduce other insurance products in the future. These are aligned with our ongoing mission to build greater financial resilience within reach for Malaysians of all backgrounds,” she stated.
The insurance is available within the GXBank mobile app and offers three monthly coverage options: RM1, RM2, or RM4 per month – with coverage protection up to RM20,000 per year or RM10,000 per month. Customers can simply select a plan, enter their details, and activate the policy through the app, which will go in effect as soon as the transaction is complete. Like all insurance products, the devil is in the details – so make sure to read the policy details via this link.
Pokdepinion: It’s a pretty innovative solution, but we always say, prevention is better than cure.
