In a recent study conducted in November 2023, it was revealed that the Philippines has become the epicenter of scams in Southeast Asia. This was a result of the rapid increase in digital finance app users. To protect its customers from fraud, the country’s leading finance superapp, GCash, in collaboration with Chubb, the world’s largest publicly traded property and casualty insurance company, is now offering customers an added layer of protection through the ‘Send Money Protect’ or ‘SMP’ feature in the GCash app. The SMP feature provides coverage should users become affected by the top three major scams, namely online shopping fraud, social engineering, and account takeover, when they send money via Express Send. For only P30 per month, or P1 a day, customers will be able to send money worry-free to all users for 30 days. 

The partnership, which was inked recently by GCash and New York Stock Exchange-listed Chubb (NYSE: CB), now brings the Philippines’ first and most complete integrated fraud coverage when sending money via a digital wallet. This latest product covers users up to P15,000 in case they get scammed. 

SMP is an optional product that covers all of the users’ Express Send money transfers to all GCash accounts for 30 days. It can be availed by following three easy steps when sending money: first, ensure the Send Money Protect box is checked in the Express Send transaction screen. After which, tap the pop-up screen to confirm, and lastly, proceed to finish the Express Send transaction, which is now protected with SMP.

“Digital transactions have become an essential part of Filipinos’ daily lives. At GCash, we make sure to be relentless in strengthening cybersecurity measures against scammers, fraudsters, and other cyber criminals. With SMP, we allow our users to have an extra layer of protection against threats,” said Winsley Bangit, vice president and group head for New Businesses.

Online shopping is one of the most prevalent scams in this day and age, wherein a user is tricked into making a GCash Express Send money transfer to purchase an item or service online from a third party for personal use. But later on, the victim discovers that the website or trading platform is fraudulent.

More than fake sellers, SMP also covers losses arising from social engineering, wherein scammers attack users by deceiving them into opening emails, instant messages, text messages, and websites from entities or people who are seemingly trusted or known to force users into transferring funds via the GCash Express Send money transfer feature. 

SMP also provides coverage for users who fall victim to account takeovers, wherein a third party gains unauthorized access to a GCash account and then makes unauthorized Express Send money transfers. These are usually the result of phishing, spyware, or malware scams.

“While due diligence is needed in making sure that online transactions are legitimate, we hope this brings more confidence to all knowing that you are covered in case you become a victim of fraud,” added Bangit.

By providing a safety net against unforeseen events, SMP contributes significantly to the financial well-being of users, in line with GCash’s vision of finance for all.

“Rest assured that our customers’ funds and accounts are safe with us, especially as we continue to deploy the latest trust and security technologies. But with SMP, they can choose to have added protection against the most common scams,” said Jay Young, head of GInsure.For more information, visit https://www.gcash.com

Liked this post? Follow SwirlingOverCoffee on Facebook, YouTube, and Instagram.