E-wallet app GCash recently released an in-app feature called Send Money Protect (SMP) as part of the Express Send (GCash to GCash money transfers).
According to GCash, Send Money Protect, powered by global insurer Chubb via GInsure, is a personal cyber insurance product that secures your Express Send money transfers to another GCash Account from various online scams, including:
- Social Engineering
- Account Takeover
- Online Shopping Fraud
The price of the cyber insurance premium is only PHP 30 and covers up to 15,000 Pesos for 30 days or 1 month.
To avail of the Send Money Protect service, fully verified GCash users need to do these steps. On the app's dashboard, tap "Send" and choose "Express Send." Enter the recipient's mobile number in the "Send to" field and input the amount of cash to send in the "Amount" text box. Finally, toggle on the button for the "I-protect ang padala kung sakaling ma-scam for only PHP 30!" It's that easy. You now have extra protection against threats.
GCash clarifies misconceptions about Send Money Protect
As Send Money Protect is a relatively new feature for many users, it's not uncommon for some to be confused about its purpose. The mobile wallet platform has released clarifications written in the Filipino language through the official GCash Facebook page to assist users in better understanding it.
Here's the English translation of GCash's advisory:
Looking for Extra Protection when you're scammed? That's possible with SEND MONEY PROTECT! For P30, each of your money transfers is protected via Express Send up to P15K for 30 days.
Learn the correct use of GCash's NEW Send Money Protect product with this basic guide so that you are EXTRA protected. Shoppers and honest sellers are safe with GCash.
Send Money Protect is insurance in case you fall victim to:
- Social Engineering: You're lured into sending money to a scammer.
- Online Shopping Fraud: You have been scammed by fake sellers or online stores.
Send Money Protect:
- This is not an additional fee per transaction
- One-time payment of only P30 for up to P15k protection for all transactions within one month.
- This is not an Auto Money Refund
- This is not an auto refund of money sent. Policy conditions apply.
- This is not for wrong transactions
- Like a wrong GCash number.
Are you an online seller? Are you concerned about Send Money Protect (SMP) for GCash Express Send transactions? SMP is an insurance product for shoppers in case they are scammed. Customers cannot use it for:
- Transaction Refund
- Transaction Reversal
To learn more about Send Money Protect, GCash advised users to visit the BSP (Bangko Sentral ng Pilipinas) Consumer Center online or chat with Gigi inside the GCash app. You can also go to the official document page (https://ift.tt/5ZtMRFN). It includes vital details for the Send Money Protect feature, such as the exclusions from coverage, enrollment procedures, and step-by-step instructions on how to file a claim.
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