In our daily transactions, digital money transfers have become commonplace. However, the rise of scammers, fraudsters, and cyber criminals poses significant challenges in our cashless economy. To address this issue, GCash, a leading financial app in the Philippines, introduces ‘Send Money Protect’ (SMP) via its in-app feature, GInsure. SMP offers an additional layer of security to users, promoting confidence and peace of mind for as low as P30 per month.
SMP safeguards users from common scams, such as online shopping fraud, account takeovers, and social engineering, when using the ‘Express Send’ feature within the app. This protection, in partnership with Chubb, a renowned insurance company, can be easily accessed every 30 days.
Research reveals that 45% of Filipino adults have encountered scams, with 11% falling victim. This has raised concerns about digital payment methods, hindering progress in achieving financial inclusion.
GCash believes in enhancing user value through strategic partnerships. Teaming up with Chubb, a global insurance leader, ensures users have added financial security for their online transactions, guaranteeing the safety of their hard-earned money.
Chubb Philippines’ Country President, Mari Rachelle Canta, underscores the mission to provide a safety net through insurance in everyday transactions. With “Send Money Protect,” GCash users gain enhanced protection against cybercrimes.
The partnership was formalized through a ceremonial MOA signing on September 13, with key signatories from GCash and Chubb. This service aims to boost user confidence in a secure, financially inclusive cashless ecosystem, protecting against scammers and cybercriminals.
While currently in its beta version, it is exclusively available to GCash and Chubb employees. However, GCash has announced a full rollout by November 13, 2023, promising a safer online transaction experience for all users.
Chubb Limited, the parent company of Chubb in the Philippines, is a publicly traded company (NYSE: CB) and a component of the S&P 500 index. Chubb has a global presence with executive offices in Zurich, New York, London, Paris, and other locations, employing over 40,000 individuals worldwide.