GCASH and insurance firm Chubb have partnered to offer protection coverage for the online transactions of the e-wallet provider’s clients via “Online Shopping Protect.”
In a press release on Tuesday, GCash said it combats online fraud “by seamlessly incorporating protection coverage into online transactions done through e-commerce platforms such as Shopee, Zalora, and Tiktok.”
Shipping fraud was identified as one of the most significant threats globally, growing by 780.5% in 2021 from 2020, it said, citing a study by TransUnion, a global information and insights company.
Scammers take advantage of the internet’s anonymity and commit fraud by posting fake items on a legitimate retailer’s website to pose as trusted online sellers.
Online Shopping Protect aims to lessen fraud incidences such as delivery scams for items that are paid with GCash.
The protection coverage will cost P34 a month, which will cover eligible purchases protected from shipping errors up to 60 days upon receipt of purchase.
Items paid with GCash and covered by the shopping insurance will also be protected from other online shopping mishaps including wrong items, defective items, undelivered, and accidentally damaged or stolen items.
Although the insurance will cover most of the users’ purchases, it excludes items worth below P250; electronic items valued more than P10,000; jewelry costing P5,000; fake goods; concert tickets; paid subscriptions; perishable products; animals and plants.
It will not cover assets such as cash, cheques, real estate, stocks, bonds, currencies or digital assets. Also, vehicle purchases and their parts will not be covered.
Firearms, art, antiques and other collectible items will also not be covered as well as items declared illegal by any public body.
GCash, a wholly owned subsidiary of Mynt (Globe Fintech Innovations, Inc.), has 71 million registered users, more than 1,600 partner billers nationwide, and over 5.2 million partner merchants and social sellers.
Through its application, users may access savings, credit, loans, insurance, and invest money. — Justine Irish D. Tabile