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.
The duo said in a statement on Wednesday that its digital insurance product safeguards Malaysians for financial loss arising from unauthorized electronic transfer resulting from cybercrime or electronic scam messages.
Cited the Federal Commercial Crime Investigation Department, the duo said Malaysians lost a staggering MYR 1.6 billion ($370 million) to online scams over 19 months, from last year up to July 2024.
As digitalization continues to shape our consumption habits and financial activities, they opined that 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 unauthorized electronic transfer from any local bank account, e-wallet, credit or debit cards, providing essential protection against these escalating cyber threats, according to the statement.
“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.
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.
GXBank, Zurich Malaysia team up to offer insurance products in Malaysia