DIGITAL wallet provider GCash launched their P30 cyber insurance premium that would protect their consumers against scammers.

The new in-app cyber insurance product is aimed to provide users with extra protection should they fall victim to common financial scams.

GInsure head Jay Young said that under the Send Money Protect, the users can insure up to P15,000 in GCash Express Send money transfers for 30 days for a premium of P30.

He added that among those covered are scams on online shopping fraud, account takeovers, and social engineering.

“‘Pag nabudol ka na magpadala ng pera sa isang taong manloloko… napaniwala ka noong taong ito na totoo siya, na kaibigan mo talaga siya so dali-dali nagpadala ka ng pera via Send Money, specifically via Express Send. And it turned out na itong tao pala na ito, hindi siya yung kaibigan mo at nagpapanggap lang siya. That’s an example of social engineering,” Young said.

In making an insurance claim, Young said that users can file for an insurance claim even if they learned of the scam belatedly.

“Kunyari I was covered January 1 to January 30, 30 days right?…And then after 6 months, doon pa lang kami nagkita nung kaibigan ko. Tapos nalaman ko, hindi pala siya talaga yung humingi ng pera. Pwede ba akong mag-claim? Yes. For as long as the scam happened within the 30 days (that the user was covered),” he said.

The burden of proving that one is scammed, falls under the customer themselves. 

Young said users have to show proof to get their claim from GCash’s insurance partner, Chubb. 

This could be in the form of screenshots of the user’s correspondence with the alleged scammer and a screenshot of the transaction.

“It’s the standard practice of all insurance companies na 5 to 7 working days, dapat may resulta na, upon completion of claim requirements,” he added.

Meanwhile, GCash Chief Risk Officer Ingrid Beroña said that they have set the maximum coverage to P15,000.

They also said that they are keeping the monthly premium affordable for a “sachet country”.

“Ang normal na tao, on average, ang tina-transact niya is between P2,000 to P5,000. So the goal really is to ensure that we are able to cover the average amount for everyone…I don’t think you can find a P30 insurance anywhere else, right?” she said.

GCash is planning to offer a higher premium for an expanded coverage in the future.