GXBank in partnership with Zurich Malaysia has rolled out its first digital insurance plan called Cyber Fraud Protect. This is a scam protection plan which protects not only your money with GXBank but also covers credit/debit cards and other bank accounts and eWallets registered with Bank Negara Malaysia.
The scam protection plan is now available and you can sign up for the plan from as little as RM1 per month.
Online scam protection from RM1/month
The GXBank Cyber Fraud Protect comes in three options:
- Basic RM1/month – Max claim RM5,000 per year (RM2,500 per claim per month)
- Plus RM2/month – Max claim RM10,000 per year (RM5,000 per claim per month)
- Pro RM4/month – Max claim RM20,000 per year (RM10,000 per claim per month)
According to GXBank’s FAQ, users with Cyber Fraud Protect can claim if cybercriminals gain unauthorised access to their online banking credentials without them knowing, and perform a fraudulent electronic transfer of funds from your account. This is based on users in good faith, transferring funds based on a deceptive email or unknowingly providing online banking credentials or card details in response to a phishing email or unauthorised methods.
As mentioned earlier, Cyber Fraud Protect can provide reimbursements for loss of money for unauthorised transfer of funds from other Bank accounts, loss of funds in a digital wallet with an online merchant and fraudulent unauthorised online transactions by a third party that are charged to your credit/debit card.
Free 1-month of Cyber Fraud Protect Basic
As part of its introductory promotion, GXBank is offering the Cyber Fraud Protect Basic plan for free for the first month. The protection plan renews automatically and you will be charged RM1/month in the subsequent months.
The benefits payable under this product are protected by PIDM. It is also stated that there are no grace or cooling-off period for this policy. For more info, you can refer to their FAQ and T&C.
