Zurich General Insurance Malaysia Berhad (Zurich) and GXBank Berhad (GXBank) have launched Cyber Fraud Protect within the GXBank application, powered by the Zurich Edge platform. This digital insurance product aims to protect Malaysians from financial losses due to unauthorized electronic transfers resulting from cybercrime. Malaysians lost RM1.6 billion to online scams in the 19 months leading up to July 2024, prompting the need for enhanced protection against cyber threats as digitalization progresses. Cyber Fraud Protect provides coverage for losses from unauthorized transfers from local bank accounts, e-wallets, or credit/debit cards. This collaboration between Zurich and GXBank emphasizes the importance of financial security in an increasingly digital world.
Junior Cho, Country CEO/Head of Zurich Malaysia, highlighted that Cyber Fraud Protect reflects their commitment to customer care and security in the digital age, offering robust protection through the Zurich Edge platform. Pei-Si Lai, CEO of GXBank, emphasized the product’s uniqueness in providing coverage of up to RM20,000 for losses from unauthorized transactions, extending beyond GXBank’s ecosystem to include all local bank accounts and e-wallets. The partnership between Zurich and GXBank aims to introduce more insurance products to enhance financial resilience for Malaysians across various backgrounds.
To address concerns about cyber fraud and scams, a panel of experts, moderated by Nazrudin Rahman and including ASP Rahmat Fitri Abdullah, Ooi Jian Wei, Vincent Mok, and Evelyn Ng, discussed strategies for combating cyber threats in Malaysia. This initiative underscores the importance of promoting digital safety and financial literacy among Malaysians, as cyber threats continue to evolve with increased digitalization. The launch of Cyber Fraud Protect marks a significant step towards safeguarding individuals from online scams and unauthorized electronic transfers, offering a comprehensive solution to combat cyber risks in today’s digital landscape.
Get Protected Now with Cyber Fraud Protect
Customers interested in securing Cyber Fraud Protect can easily do so via the GXBank mobile app by following these simple steps:
- Select a Plan: Choose from three coverage options – Basic (RM1/month), Plus (RM2/month), or Pro (RM4/month) – directly within the GXBank mobile app, and click “Get Protected Now”.
- Key in Details and Confirm: Verify your email address to ensure receipt of all important policy-related communications, and confirm details of the selected plan, including coverage terms and premium breakdown.
- Authorise and Activate: Approve the transaction through GXSecure, and the policy will be activated instantly. Coverage details will be available in the app and a certificate of insurance will be sent via email. The monthly premium will then be automatically deducted from the customer’s GXBank account.
For further information on Cyber Fraud Protect, please visit the official website here (https://gxbank.my/cyberfraudprotect) for more details.