Zurich General Insurance Malaysia and GXBank have teamed up to launch Cyber Fraud Protect, an innovative digital insurance product designed to safeguard users against financial losses due to unauthorised transactions. This new coverage is accessible via the GXBank mobile app and is supported by Zurich’s advanced Edge platform.
Cyber Fraud Protect is set to offer financial protection to users who experience unauthorised transactions from any local bank account, e-wallet, or credit and debit cards. The policy provides coverage up to $4,624.28 (RM20,000), positioning itself as one of the most comprehensive options currently available in Malaysia.
“Since our partnership began in May, we’ve collaborated closely with GXBank, leveraging Zurich’s risk management expertise and digital capability to launch Cyber Fraud Protect – an innovative online insurance solution for Malaysians,” said Junior Cho, Country Chief Executive Officer/ Head of Zurich Malaysia.
“We’re confident it will offer Malaysians the robust protection they need in today’s fast-changing digital landscape.
“In designing and launching this product, our primary focus was ensuring a smooth, positive customer experience, and with the Zurich Edge platform we have been able to do just that, delivering a seamless and convenient in-app purchasing journey for GXBank customers,” he added.
This initiative comes at a crucial time, as online scams have been on the rise in Malaysia. Over the past 19 months, Malaysians have suffered a staggering $370 million (RM1.6 billion) in losses due to fraudulent online activities, according to data from the Federal Commercial Crime Investigation Department.
Pei-Si Lai, Chief Executive Officer, GXBank said, “Co-creating Cyber Fraud Protect with Zurich, this product is unique and one-of-a-kind. It not only offers the highest coverage protection of up to RM20,000 against losses due to unauthorised transactions from cybercrimes, but also the widest coverage for all local bank accounts, debit or credit cards and e-wallets beyond GXBank’s ecosystem.“
The insurance is available in three affordable coverage plans to cater to different needs. Customers can select from the Basic plan at just $0.23 per month (RM1/month), the Plus plan at $0.46 per month (RM2/month), or the Pro plan at $0.92 per month (RM4/month). Once approved, the coverage is activated instantly, with premiums conveniently deducted from the customer’s GXBank account.
With the increasing prevalence of online scams, Zurich and GXBank’s Cyber Fraud Protect offers a timely solution for Malaysians looking to safeguard their finances in a digital world.