KUALA LUMPUR (Aug 28): Malaysia's first digital bank, GX Bank Bhd (GXBank), and Zurich General Insurance Malaysia Bhd on Wednesday introduced Cyber Fraud Protect, a digital insurance plan which safeguards against financial losses arising from unauthorised electronic transfers resulting from cybercrime.
Cyber Fraud Protect was launched following a tripartite 10-year agreement entered between GXBank, Zurich Malaysia and Zurich Life Insurance Malaysia Bhd in May.
“It not only offers the highest coverage protection of up to RM20,000 against losses due to unauthorised transactions from cybercrime, but also the widest coverage for all local bank accounts, debit or credit cards and e-wallets beyond GXBank’s ecosystem,” GXBank chief executive officer Lai Pei-Si said.
The plan is offered through the GXBank mobile application, and is supported by the Zurich Edge platform. It has three coverage options and monthly fees as low as RM1 to RM4.
Since GXBank is regulated by Bank Negara Malaysia and protected by Malaysia Deposit Insurance Corporation (PIDM), the digital bank will have up to RM250,000 for each depositor.
Meanwhile, GXBank and Zurich Malaysia are expected to introduce other insurance products in the future, added Lai.
Zurich Malaysia country CEO Junior Cho said that the company has collaborated closely with GXBank since they inked the 10-year agreement in May, leveraging Zurich’s risk management expertise and digital to offer Malaysians robust protection in the 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," Cho said.
According to the federal Commercial Crime Investigation Department, Malaysians lost a staggering RM1.6 billion to online scams over 19 months, from last year up to July 2024.