GCash, the mobile wallet of Globe Telecom, rolled out an insurance service that protects users from online scams.
The company said Send Money Protect or SMP is a new GInsure feature that gives GCash users extra protection for all their Express Send transactions for 30 days for P30, covering up to P15,000, if they unfortunately get scammed.
GCash said digital money transfers are now part of everyone’s daily lives, and with this cashless economy comes scammers, fraudsters and cybercriminals who constantly think of creative ways to try and take users’ hard-earned funds.
GCash teamed up with Chubb, a world leader in insurance, to launch the country’s first and most comprehensive embedded scam coverage when sending money via a digital wallet.
“At GCash, we make sure to be relentless in strengthening our trust and security initiatives – from utilizing top-notch cybersecurity technology and AI-powered systems, to ensuring our customers are educated through our GSafeTayo campaign,” GCash vice president and group head for new businesses Winsley Bangit said.
“We also work very closely with law enforcement agencies to run after cybercriminals. In addition to these, we are excited to offer SMP so our users can have that option to give themselves extra protection against threats,” he said.
SMP protects users from the most common scams, like those done by a fake online seller, or scammers who pretend to be someone you know to trick you into sending money via Express Send.
“While due diligence is needed in making sure that online transactions are legitimate, we hope our new solution boosts our users’ confidence to send money worry-free,” said Bangit.