Zurich, GXBank launch cyber fraud digital insurance product

KUALA LUMPUR - Zurich General Insurance Malaysia Bhd has partnered with GXBank Bhd to introduce Cyber Fraud Protect, an innovative digital insurance product designed to protect Malaysians from financial losses due to unauthorised electronic transfers caused by cybercrime or scams.

This product is offered within the GXBank application and powered by the Zurich Edge platform.

GXBank chief executive officer (CEO) Pei-Si Lai said the Cyber Fraud Protect offers coverage for financial losses resulting from unauthorised electronic transfers from any local bank account, e-wallet, or credit and debit cards, offering essential protection against these escalating cyber threats.

She said 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.

"Additionally, our collaboration will also see us introduce other insurance products in the future. These are aligned with our ongoing mission to build greater financial resilience within reach for Malaysians of all backgrounds,” she said at the official launch of Cyber Fraud Protect here, today.

Furthermore, she said since it went live on the GXBank’s app on Tuesday (Aug 28), the take-up rate has been steadily growing, with a user base of approximately 1,000 to date.

Meanwhile, Zurich Malaysia Country CEO/head Junior Cho said since the partnership began in May, the company has collaborated closely with GXBank, leveraging Zurich’s risk management expertise and digital capability to launch Cyber Fraud Protect.

"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. - BERNAMA