More protection for GCash users
Studies show that 45 percent of Filipino adults have been targeted by scams, with 11 percent falling victim to such activities
Daily TribuneStudies show that 45 percent of Filipino adults have been targeted by scams, with 11 percent falling victim to such activities
The new SMP feature provides users comprehensive protection from the most common scams such as online shopping fraud, account takeovers and social engineering, for transactions done via ‘Express Send’ in the app.(PHOTOGRAPH COURTESY OF GLOBE )
Digital money transfers are now an integral part of daily transactions. However, scammers, fraudsters and cybercriminals have devised various strategies to take advantage of users and exploit the cashless economy.
In addition to utilizing topnotch cybersecurity systems, the Philippines' number-one finance super app, GCash, has added another layer of protection with the introduction of "Send Money Protect" on its in-app feature, GInsure. SMP provides users confidence and peace of mind when sending money digitally for as little as P30 per month.
SMP provides users comprehensive protection from the most common scams such as online shopping fraud, account takeovers and social engineering, for transactions done via "Express Send" in the app.
SMP, offered in partnership with Chubb, the world's largest publicly traded property and casualty insurance company, can easily be availed once every 30 days.
Studies show that 45 percent of Filipino adults have been targeted by scams, with 11 percent falling victim to such activities. This has led to uncertainties toward digital payment methods among some users, hampering milestones already achieved in financial inclusion.
"We at GCash believe in building partnerships that amplify the value we provide to our users. That's why we've teamed up with Chubb, a global insurance leader and our partner in consumer protection, to bring you an added layer of protection. This collaboration ensures that you have added financial protection from the unexpected when transacting online, giving you the confidence that your hard-earned money is in safe hands," said GCash vice president for New Businesses Winsley Bangit.
Chubb Philippines' country president Mari Rachelle Canta also emphasized that, "Our partnership with GCash further strengthens our mission to serve millions of customers by providing a safety net through embedding insurance in everyday transactions. Now, GCash users have enhanced protection from cybercrimes with 'Send Money Protect.'"
The partnership between GCash and its consumer insurance partner Chubb was solidified through a memorandum of agreement signing on 13 September 2023. Signatories from Gcash included VP for New Businesses Winsley Bangit and GInsure head Joseph Nino Young, while those from Chubb in the Philippines included country president Mari Rachelle Canta and VP and head of Consumer Lines Maurice Hilario.
While the feature is currently in its beta version and available exclusively to GCash and Chubb employees for now, GCash has announced that it will be fully rolled out by 13 November 2023, promising a safer, worry-free online transaction experience for all.
