GCash Rolls Out Fraud Insurance to Protect e-Wallet Transfers From Scamsby Fintech News Philippines January 25, 2024
Globe-backed fintech GCash has recently unveiled Send Money Protect (SMP), an in-app embedded insurance feature aimed at bolstering security for users’ money transfers against fraud. This development addresses growing concerns over mounting digital transaction scams in the Philippines.
For PHP 30, SMP offers users thirty days of enhanced protection for their Express Send transactions, promising coverage up to PHP 15,000 in the case of being scammed. Introduced initially in a beta version in October 2023, SMP is a stride forward in the commitment of GCash, Philippines largest e-wallet, to facilitate safer digital financial interactions and combat fraud with an embedded insurance option.
This initiative is the result of a collaboration between GCash insurance arm GInsure and Chubb, known for its travel insurance expertise. SMP can be considered the Philippines’ most comprehensive scam protection for e-wallet transactions.
Winsley Bangit, Vice President and Group Head for New Businesses at GCash, commented on the company’s dedication to security measures.
“At GCash, we make sure to be relentless in strengthening our trust and security initiatives – from utilising top-notch cybersecurity technology and AI-powered systems, to ensuring our customers are educated through our GSafeTayo campaign.
“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,”
SMP is specifically designed to shield users from prevalent online scams, including those perpetrated by deceptive online sellers or through social engineering tactics where individuals are duped into sending money to fraudsters via the GCash Express Send P2P funds transfer option.
To engage this protective feature, GCash users can select the “Send Money Protect” option on the Express Send transaction screen within the app. With activation, the user’s transactions are insured for the subsequent 30 days, with coverage capping at PHP 15,000.
GCash’s launch of SMP is part of a larger endeavour to improve the security and reliability of online financial transactions. This move aims to crack down on potential suspicious activities on its platform.