GCash has officially launched their new Send Money Protect 13 (SMP) feature. Users paying an additional amount of ₱30 will have their digital transfers insured in the event of fraudulent transactions.
Digital money transfers are a key part of modern transactions. So ideally, this feature can only help improve the quality of life that comes with being a GCash user. However, with the existence of frauds, scammers, and cybercriminals—users are still careful to trust new technology.
We understand how users would want to avoid getting taken advantage of. With that, let’s debunk common GCash Myths around its new SMP feature.
‘The new SMP feature will cost me more and keep stacking per transaction made’ — It actually won’t. For a one-time payment of ₱30, the new SMP feature will protect up to ₱15K for all of your transactions within one month.
The new SMP feature works as an auto refund or immediate transaction reversal — It won’t. GCash or GInsure policy conditions will still apply, and it should take a while for you to get money back.
Wrong transactions — If you make an incorrect transaction (e.g, sending to the wrong GCash number), your report will not push through. SMP is only valid if you are a victim of Social Engineering, Account Takeover, or Online Shopping Fraud.
We hope that this helps equip readers against misinformation surrounding GCash’s new SMP feature.
To learn more, GCash has provided a comprehensive support document 166 that contains valuable information about their new insurance feature. It covers important details such as the exclusions from coverage, enrolment procedures for SMP, and step-by-step instructions on how to file a claim.
