GCash, a mobile wallet service, recently addressed queries regarding its new insurance product, Send Money Protect, amidst concerns from online merchants.
This feature, aimed at enhancing the security of money transfers, is focused on protecting users against online scams and fraud. The fintech firm also clarified that Send Money Protect is not a service for transaction refunds or reversals. This clarification follows some online sellers expressing reluctance to accept payments via GCash with this feature activated.
In a statement to GMA News Online, GCash explained that Send Money Protect is essentially a personal cyber insurance. It is designed to guard against types of online fraud such as social engineering and shopping scams.
“GCash Send Money Protect is a personal cyber insurance that provides extra protection against common types of scams, such as social engineering and online shopping fraud,”
the company stated.
“It is not a transaction refund or reversal product.”
Recently introduced by the Globe-backed firm, Send Money Protect offers insurance for a fee of P30. It covers Express Send or GCash to GCash transfers for up to 30 days, insuring a maximum amount of P15,000 in case of scams.