Zurich and GXBank target online scams with new insurance

Coverage price ranges from $0.23 per month to $0.92 per month.

Zurich General Insurance Malaysia and GXBank have introduced Cyber Fraud Protect, a new digital insurance product available through the GXBank app. 

This product, supported by the Zurich Edge platform, provides coverage for financial losses due to unauthorised transactions from any local bank account, e-wallet, credit, or debit card. The plan offers coverage up to $4,624.28 (RM20,000), making it one of the most comprehensive in the market.

The launch of Cyber Fraud Protect follows growing online scams, with Malaysians losing $370m (RM1.6b) to such activities over 19 months, according to the Federal Commercial Crime Investigation Department. 

Customers can purchase the coverage directly through the bank app, choosing from three coverage options: Basic $0.23/month (RM1/month), Plus $0.46/month (RM2/month), or Pro $0.92/month (RM4/month). 

The policy is activated instantly upon approval, with premiums automatically deducted from the customer’s GXBank account.

($1.00 = RM4.32)