Malaysia’s first digital bank, GXBank, is now offering Cyber Fraud Protect insurance in collaboration with Zurich General Insurance Malaysia.
This new digital insurance product is aimed at protecting Malaysians from financial losses caused by unauthorised electronic transfers and cyber scams.
Cyber Fraud Protect is available within the GXBank mobile app and offers coverage for financial losses arising from cybercrimes, including unauthorised transfers from local bank accounts, e-wallets, and credit or debit cards.
Customers can choose from three coverage options: Basic (RM1/month), Plus (RM2/month), or Pro (RM4/month), directly within the GXBank mobile app.
Once selected, the policy is activated instantly, and monthly premiums are automatically deducted from the customer’s GXBank account.
When making a claim, customers can notify Zurich by logging in with their GXBank-registered email and completing the eFirst Notification of Loss (eFNOL), or by emailing nm.claims@zurich.com.my.
During the press conference, they shared that claims will be processed fully digitally, with a target of completing claims within 48 hours upon receiving all necessary documents.
The product is powered by Zurich’s digital platform, Zurich Edge, for a seamless in-app purchasing experience for customers.
The launch of Cyber Fraud Protect comes in response to a growing need for online protection, with Malaysians reportedly losing RM1.6 billion to online scams over the past 19 months.
Junior Cho, Country CEO/Head of Zurich Malaysia speaking about the launch,
“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.”
Pei-Si Lai, Chief Executive Officer, GXBank said,
“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 RM20,000 against losses due to unauthorised transactions from cybercrimes, but also the widest coverage for all local bank accounts, debit or credit cards and e-wallets beyond GXBank’s ecosystem.“
This initiative builds on the bancassurance partnership established between GXBank and Zurich in May 2024.
The bank hinted at future insurance offerings, potentially focusing on financial security and unemployment in collaboration with Zurich.
