GCash's "Send Money Protect" cyber insurance formally launched, here's how to use it:

Over the past few years, GCash has added a wide array of features to make its app even more secure. But, the company is not stopping there.

File photo: GCash Send Money Protect

GCash Send Money Protect is now official!

To further protect its users and help those who are still being scammed, GCash earlier formally introduced "Send Money Protect", a cyber insurance service.

To recap, Send Money Protect (SMP) was first announced by GCash last year, but it was still in beta mode and was only available for GCash and Chubb employees at that time.

Earlier, GCash confirmed that they are now rolling out the service all over the country.

To those who missed it, Send Money Protect (SMP) is powered by global insurer Chubb via GInsure. Chubb is the e world's largest publicly traded property and casualty insurance business.

This is an extra layer of protection designed to further protect GCash Express Send users from prevalent scams, such as online shopping fraud, account takeovers, and social engineering.

The cyber insurance premium price is just PHP 30 with a coverage of up to PHP 15,000 valid for 30 days or 1 month.

How to use GCash Send Money Protect?

1. Download and open your GCash app on Android or iOS.

2. Select "Send" and choose "Express Send".

3. Fill out the "Send to" and "Amount" details.

4. Toggle on the button beside the "I-protect ang padala kung sakaling ma-scam for only PHP 30!" text.

5. That's it!

GCash also clarified that the insurance company will pay the policy benefit to the GCash user if proven that he or she was scammed. The seller won't cover the payment.

If the user was scammed during the 30 days, the user can still claim the insurance several months later.

The insurance coverage is valid for the entire month, not just per transaction. For example, if the GCash user was scammed for 3x in one month (let's say 5K per transaction), it will be covered up to PHP 15K. 

Once proven that it is really a scam and the requirements or complete, GCash said that the scammed user will claim the cyber insurance money within 5 to 7 working days.

Wrong transactions are not covered.

GCash also told us that policies with higher coverage values will be launched soon.

To read the full details about this new service, click here.

To recap, GCash said that there's a study that displayed 45 percent of Filipino adults were targeted by scams and 11 percent became a victim. 

To further secure your GCash account, read here.