GXBank has collaborated with Zurich to launch Cyber Fraud Protect, a new digital insurance product catered to provide protection against the rise of cybercrime and financial scams. The plan is open to subscribe immediately for GXBank users, with premiums starting at just RM1/month.

Cyber Fraud Protect offers protection for all bank accounts (not just for GXBank accounts), debit and credit cards, as well as e-wallets. The insurance plan protects specifically against unauthorised transactions that arise from online scams. The policy wording explicitly that Cyber Fraud Protect specifically covers the following:

1) The fraudulent electronic transfer of funds from your personal account with a financial institution by:
(i) a Third Party; or
(ii) the financial institution acting in good faith upon a fraudulent incoming Electronic Communication purporting to have been sent but which was not sent by You;

2) You acting in good faith upon any fraudulent incoming Electronic Communication request and transferring funds from your personal account with a financial institution, to the account of a Third Party;

3) Fraudulent unauthorised use of or electronic transfer of funds stored in your personal Digital Wallet held with an Online Merchant;

4) The fraudulent unauthorised online purchases by a Third Party that are charged to your Plastic Card.

This means that Cyber Fraud Protect does not cover against a few specific financial scams. Notably, this includes “confidence trick” scams including love scams, investments, “loan agents” – where your confidence or affection has been gained and your goodwill was taken advantage of to commit fraud. Given that this does not fall under “unauthorised transactions” since these types of scams involve you voluntarily making those transactions, it makes sense that Cyber Fraud Protect does not cover these instances.

In addition, Cyber Fraud Protect also does not cover losses arising from physical theft or loss of your physical credit or debit card. And if you are also interested to know, losses in air miles are also not covered by Cyber Fraud Protect. It also does not protect digital wallets that are not in Ringgit Malaysia as well as cryptocurrencies.

Cyber Fraud Protect is available immediately for subscription via the GXBank app. This means that those interested must open a GXBank account first before subscribing. There are three tiers available to subscribe:

Basic: RM1/month, max claim RM2,500/month, max claim RM5,000/year
Plus: RM2/month, max claim RM5,000/month, max claim RM10,000/year
Pro: RM4/month, max claim RM10,000/month, max claim RM20,000/year

With total losses due to financial scams amounting to RM1.6 billion since 2023 to July 2024, and a staggering 94% of Malaysians encountering a potential financial scam in 2023, Cyber Fraud Protect aims to provide an added layer of protection against the rising threat of financial scams. For more information about Cyber Fraud Protect, visit the landing page here.

• TAGS:
• Cyber Fraud Protect
• GXBank
• Zurich Malaysia