GCash allows users to insure money transfers vs scams, fraud

Globe-backed fintech GCash launched an in-application insurance option that protects users' money transfers from scams and fraud.

In a statement on Tuesday, GCash said its Send Money Protect or SMP, which can be availed for P30, can cover a user’s Express Send or GCash to GCash money transfers for 30 days for a maximum amount of P15,000 if they get scammed.

GCash partnered with Chubb, a world leader in insurance, to launch the embedded scam coverage when sending money via a digital wallet.

“At GCash, we make sure to be relentless in strengthening our trust and security initiatives - from utilizing top-notch cybersecurity technology and AI-powered systems, to ensuring our customers are educated through our GSafeTayo campaign," said Winsley Bangit, vice president and group head for New Businesses.

"We also work very closely with law enforcement agencies to run after cybercriminals. In addition to these, we are excited to offer SMP so our users can have that option to give themselves extra protection against threats.”
 
GCash said its new insurance product - SMP - insured users from the most common scams, such as those run by fake online sellers or scammers who pretend to be someone a user knows to trick you into sending money.

GCash said users could avail of the product by clicking the “Send Money Protect” button in the Express Send transaction screen.

Upon clicking and reconfirming, the user’s transactions would be insured for the next 30 days for a maximum of P15,000.

“While due diligence is needed in making sure that online transactions are legitimate, we hope our new solution boosts our users’ confidence to send money worry-free," added Bangit. — DVM, GMA Integrated News