Connect with us

Hi, what are you looking for?

News

GCash, Chubb launch shopping insurance for online transactions

BW FILE PHOTO

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

Your information is secure and your privacy is protected. By opting in you agree to receive emails from us. Remember that you can opt-out any time, we hate spam too!

Latest

News

STOCKS continued to decline on Tuesday on faster-than-expected January inflation that fueled expectations of another big rate hike by the Bangko Sentral ng Pilipinas...

News

PHILIPPINE STAR/ WALTER BOLLOZOS THE PESO sank to the P55-per-dollar level on Tuesday as January headline inflation was faster than expected and amid hawkish...

News

President Ferdinand Marcos Jr. answers questions from the media after his first Cabinet meeting in Malacañan Palace, July 5, 2022. — PHILIPPINE STAR/ KRIZ...

News

REUTERS AGRICULTURE industry representatives said the government has not adequately supported farmers in achieving competitiveness against imports, which they called a necessary step before...

News

POLLOC FREEPORT AND ECOZONE — BARMM FACEBOOK PAGE THE classification of economic zone logistics services enterprises (ELSEs) as eligible for incentives under the Strategic...

News

BW FILE PHOTO A BILL that requires real estate investment trusts (REITs) to reinvest proceeds from their fundraising activities in the Philippines has been...

You May Also Like

News

COVID-19 has had a significant impact on the mental health of Filipinos across different groups all over the archipelago. From frontline workers, parents balancing...

News

REUTERS By Luz Wendy T. Noble, Reporter The country’s foreign exchange buffers slightly increased as of end-October as the value of the central bank’s...

News

BW FILE PHOTO GROSS BORROWINGS by the National Government reached P2.6 trillion as of end-September as it continued to raise funds to respond to...

News

KARASOLAR.COM TENA, Ecuador — Ecuador’s rainforest Achuar people say their ancestors long dreamed of a “fire canoe” or “electric fish” that would let them...

Disclaimer: Respect Investment.com, its managers, its employees, and assigns (collectively "The Company") do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

Copyright © 2022 Respect Investment. All Rights Reserved.