FWD Singapore enhances home insurance offering with cyber fraud protection
More than a third of scams in Singapore involves data stealing and online shopping.
Singaporean digital insurer FWD Singapore expanded its home insurance coverage with cyber fraud protection, courtesy of FWD Cyber Insurance.
Individuals who buy or renew their FWD Home insurance will receive the FWD Cyber insurance at no additional cost.
The FWD Cyber insurance is an internet-based protection scheme that has been recently introduced to protect customers from the monetary repercussions of cyber fraud.
The gratis insurance plan is valid for a duration of twelve months and shields customers against online shopping scams and deceitful electronic transfers.
With the prevalent online scams roaming around Singapore, the country has tallied a total of 31,728 cases alone in 2022, as reported by the Singapore Police Force. This was equivalent to S$660.7m, 4.5% more than in 2021.
Of the top five scams, phishing and e-commerce made up more than a third of the total.
The rise of digital transactions and platforms was aggravated by the pandemic. FWD Cyber Insurance seeks to address the protection gap between individuals and their heavy engagement in e-commerce.
What does FWD Cyber Insurance protect?
Benefits of the cyber insurance are online shopping fraud protection and fraudulent electronic transfer protection.
The fraud protection can cover up to S$5,000 in case of financial loss from the internet marketplace, such as the non-delivery of the item ordered. Similarly, electronic transfer protection can cover the same amount in the case where an individual’s funds account or wallet is affected by a cyber event upon the time of the policy period.
The insurance provides coverage for people rather than the gadget, ensuring that customers are financially secure regardless of the device they use.
Customers that renew their home insurance with FWD will also receive an email regarding their free redemption of the cyber insurance coverage through the FWD SG mobile app.
($1 = US$0.75)