Zurich General Insurance Malaysia and GXBank have teamed up to introduce Cyber Fraud Protect, a digital insurance product designed to protect Malaysians from financial losses caused by unauthorized electronic transfers due to cybercrime or scams. This new product is now available through the GXBank mobile app.
Partnerships provide insurers with the key to unlock cybersecurity opportunities
The need for such protection is significant, as Malaysians lost RM1.6 billion to online scams between January 2023 and July 2024, according to the Federal Commercial Crime Investigation Department. Cyber Fraud Protect offers coverage for unauthorized transfers from any local bank account, e-wallet, or card, providing essential security in today’s digital world.
Since forming their bancassurance partnership in May 2024, Zurich and GXBank have focused on creating a seamless digital experience. Junior Cho, CEO of Zurich Malaysia, emphasized the collaboration’s success in delivering an innovative insurance solution that embodies Zurich’s commitment to customer care.
Pei-Si Lai, CEO of GXBank, highlighted the product’s extensive coverage, offering up to RM20,000 in protection, and its availability across all local bank accounts, cards, and e-wallets. She also noted that GXBank plans to introduce more insurance products to enhance financial resilience for Malaysians.
Customers can easily secure Cyber Fraud Protect via the GXBank app by selecting a plan, verifying details, and authorizing the transaction. The policy is activated instantly, with coverage details available in the app and a certificate sent via email.
Through this collaboration, Zurich and GXBank are taking proactive steps to safeguard Malaysians from the growing threat of cyber fraud.
