GCash intros Send Money Protect: An insurance up to ₱15K for ‘Express Send’ money transfers

GCash has introduced ‘Send Money Protect 128‘ (SMP) on its in-app feature, GInsure. This provides users with enhanced protection and peace of mind while sending money digitally.

With SMP, users can send money with confidence and peace of mind for as little as PHP 30USD 0.51INR 43EUR 0.49CNY 4 per month. Including protection against prevalent scams like online shopping fraud, account takeovers, and social engineering. Approved claims are backed with insurance coverage of up to PHP 15,000USD 256INR 21,669EUR 243CNY 1,862.

This coverage applies specifically to transactions made through the ‘Express Send’ feature within the app. Users can easily avail SMP once every 30 days.

GCash Send Money Protect coverage

SMP is a personal cyber insurance product that safeguards GCash Express Send money transfers to another GCash account, providing coverage for up to PHP 15,000USD 256INR 21,669EUR 243CNY 1,862 in total.

This coverage applies in the event that the user fall victim to (1) Social Engineering, (2) Account Takeover, or (3) Online Shopping Fraud.

Protection against social engineered scams

Refers to deceptive attacks aimed at tricking a user into transferring funds through the GCash Express Send money transfer feature. These attacks can occur through various methods such as phishing, malware, spear phishing, smishing, vishing, and pharming.

• Example: A user unknowingly transferred funds to a scammer posing as a GCash representative. The scammer requested an OTP ‘verification’ and used the information you provided to carry out a fraudulent Send Money transfer from the user’s GCash account.

Protection against account takeovers

Account takeover occurs when an unauthorized party gains access to a user’s GCash Account and performs unauthorized Express Send money transfers. This type of attack is often the result of phishing, spyware, or malware scams.

• Example: A user installed a malicious app that stole their login details, allowing a scammer to access their GCash account and initiate a Send Money transaction without their permission.

Protection against online shopping fraud

Refers to situations where a user makes a GCash Express Send money transfer to purchase a product or service online from a third party, only to discover that the website or trading platform is fraudulent.

• Example: A user bought an item through an online sales advertisement, but never received a receipt or any proof of purchase after making the Send Money payment. Eventually, the webpage disappeared, revealing that it was a fraudulent website.

Once a claim is approved, GCash’s insurance partner, Chubb, will provide reimbursement for any unauthorized transactions made up to two weeks before the initial reporting of the incident to GCash. The maximum benefit amount for reimbursement is PHP 15,000USD 256INR 21,669EUR 243CNY 1,862 in total.

To learn more, GCash has provided a comprehensive support document that contains valuable information about the Send Money Protect insurance.

It covers important details such as the exclusions from coverage, enrollment procedures for SMP, and step-by-step instructions on how to file a claim.

While currently in beta and exclusively accessible to GCash and Chubb employees, GCash plans to fully launch the service by November 13, 2023.

GCash x Chubb partnership

GCash reported that a significant portion of Filipino adults, approximately 45%, have been targeted by scams, resulting in 11% falling victim. These distressing figures have sparked doubts among users regarding the reliability of digital payment methods, hindering the progress made towards achieving financial inclusion.

To address this concern, GCash has partnered with Chubb, a leading global insurance company, to provide users with an extra layer of protection. This collaboration ensures that users can transact online with confidence, knowing that their hard-earned money is safeguarded from unexpected incidents.

GCash’s Vice President for New Businesses, Winsley Bangit, expressed, “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.”

GCash and its consumer insurance partner, Chubb, solidified their partnership through a ceremonial MOA signing held on September 13. The signatories from GCash included Winsley Bangit, VP for New Businesses, and Joseph Nino Young, GInsure Head.

From Chubb in the Philippines, the signatories were Mari Rachelle Canta, Country President, and Maurice Hilario, VP & Head of Consumer Lines.