New in-app feature ‘Send Money Protect’ powered by global insurer Chubb via GInsure
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Digital money transfers are now an integral part of our daily transactions. However, scammers, fraudsters, and cybercriminals have devised various strategies to take advantage of users and exploit the cashless economy.
In addition to utilizing top-notch cybersecurity systems, the Philippines’ #1 finance super app, GCash, has added another layer of protection with the introduction of 'Send Money Protect' (SMP) on its in-app feature, GInsure. SMP provides users with confidence and peace of mind when sending money digitally for as little as P30 per month.
SMP provides users with comprehensive protection from the most common scams, including online shopping fraud, account takeovers, and social engineering, for their transactions done via ‘Express Send’ in the app. SMP, offered in partnership with Chubb, the world’s largest publicly traded property and casualty insurance company, can easily be availed once every 30 days.
Studies show that 45% of Filipino adults have been targeted by scams, with 11% falling victim. This has led to uncertainties towards digital payment methods among some users, hampering milestones already achieved towards financial inclusion.
“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,” said GCash vice president for New Businesses Winsley Bangit.
Chubb Philippines’ Country President Mari Rachelle Canta also emphasized that, “Our partnership with GCash further strengthens our mission to serve millions of customers by providing a safety net through embedding insurance in everyday transactions. Now, GCash users have enhanced protection from cybercrimes with "Send Money Protect.”
The partnership between GCash and its consumer insurance partner, Chubb, was solidified through a ceremonial MOA signing held on September 13. Signatories included from GCash: VP for New Businesses, Winsley Bangit and GInsure Head, Joseph Nino Young; and from Chubb in the Philippines: Country President, Mari Rachelle Canta and VP & Head of Consumer Lines, Maurice Hilario.
The service aims to reinforce the confidence of users in being part of a financially inclusive cashless ecosystem that is safe from scammers, fraudsters, and cybercriminals.
While this is currently in its beta version and available exclusively to GCash and Chubb employees for now, GCash has announced that it will be fully rolled out by November 13, 2023. This milestone product will soon be available to all, promising a safer and worry-free online transaction experience.
The parent company of Chubb in the Philippines, Chubb Limited, is listed on the New York Stock Exchange (NYSE: CB) and is a component of the S&P 500 index. Chubb maintains executive offices in Zurich, New York, London, Paris, and other locations and employs more than 40,000 people worldwide.
