The launch of Cyber Fraud Protect, which is powered by the Zurich Edge platform and accessible through the GXBank application, has been announced by Zurich General Insurance Malaysia Berhad and GXBank Berhad.
In a statement released, the two claimed that this digital insurance product protects Malaysians against monetary losses brought on by unsanctioned electronic transfers brought about by cybercrime or electronic scam messaging.
Citing the Federal Commercial Crime Investigation Department, the pair claimed that throughout the course of 19 months, from July 2024 to last year, Malaysians lost an astounding MYR 1.6 billion (370 million US dollars) to online scammers.
They believed that as digitization continues to influence our financial and consumption patterns, the likelihood of online scams has increased dramatically, presenting new difficulties for both individuals and society at large.
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Pei-Si Lai, Chief Executive Officer, GXBank 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 MYR 20,000 ($4603) against losses due to unauthorized transactions from cybercrimes, but also the widest coverage for all local bank accounts, debit or credit cards and e-wallets beyond GXBank’s ecosystem,” she said. Additionally, she noted their collaboration will also see them 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,” she added.
As a vital line of defense against these growing cyberthreats, Cyber Fraud Protect gives coverage for monetary losses brought on by unlawful electronic transfers from any local bank account, e-wallet, credit, or debit cards.
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“Since our partnership began in May, we’ve collaborated closely with GXBank, leveraging Zurich’s risk management expertise and digital capability to launch Cyber Fraud Protect – an innovative online insurance solution for Malaysians,” said Junior Cho, Country Chief Executive Officer/ Head of Zurich Malaysia. According to him, the Cyber Fraud Protect delivers 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,” he added.
About Zurich Malaysia
Zurich Insurance Group (“Zurich”) is a global insurance leader. Zurich educates and protects clients against danger. With 54,000 workers, they offer several property and casualty and life insurance products and services.
About GXBank
GXBank, Malaysia’s first digital bank, is driven by its desire to improve the financial system and enable unserved and underserved populations accomplish their dreams and better lives.
