BUILDING on their bancassurance partnership established in May 2024, Zurich General Insurance Malaysia Berhad and GXBank Berhad have announced the launch of Cyber Fraud Protect offered within the GXBank application and powered by Zurich Edge platform.
This innovative digital insurance product safeguards Malaysians for financial loss arising from unauthorised electronic transfer resulting from cybercrime or electronic scam messages.
According to the Federal Commercial Crime Investigation Department, Malaysians lost a staggering RM1.6bil to online scams over 19 months, from last year up to July 2024.
As digitalisation continues to shape our consumption habits and financial activities, the risk of online scams has grown significantly, posing new challenges for consumers and society at large.
Cyber Fraud Protect offers coverage for financial losses due to unauthorised electronic transfer from any local bank account, e-wallet, credit or debit cards, providing essential protection against these escalating cyber threats.
Zurich Malaysia head and country chief executive officer Junior Cho said, since their partnership began in May, they have collaborated closely with GXBank, leveraging Zurich’s risk management expertise and digital capability to launch Cyber Fraud Protect.
The digital insurance product, he added, embodies Zurich’s brand promise ‘Care For What Matters’ by delivering essential security in an increasingly digital world.
“We’re confident it will offer Malaysians the robust protection they need in today’s fast-changing digital landscape.
“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.”
GXBank chief executive officer Pei-Si Lai, said since their launch, they have been constantly working to provide the best digital banking experience while ensuring the financial literacy, accessibility and safety of Malaysians.
“Co-creating Cyber Fraud Protect with Zurich, this product is unique and one-of-a-kind. 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,” said Lai.
For further information on Cyber Fraud Protect, please visit the official website here for more details.
