TL;DR: GCash introduces facial verification for GLoan applications and offers Loan Scam Insurance with up to ₱10,000 in coverage.
GCash added facial verification for GLoan applications through Selfie Scan feature
GLoan Protect includes Loan Scam Insurance offering up to ₱10,000 in coverage
GCash introduces facial verification for GLoan applications through its Selfie Scan feature. The additional security process verifies whether the borrower is the real GCash account owner. This measure aims to give additional safety, especially for high-risk operations.
Furthermore, GCash now provides users with GLoan Protect that incorporates Loan Scam Insurance, where eligible members can be insured with up to ₱10,000 for any losses incurred due to unapproved account usage, phishing, and other such fraudulent activities.
Eligible users who take out a loan of at least ₱500 may qualify for health insurance free of charge. The insurance package offers users with a minimum of ₱500 daily allowance for hospitalization for a minimum period of three days, which could also be 10% of the total amount borrowed.
Eligible members are able to check and file claims via the GCash app under Explore the App > View All > GInsure > My GInsure.
Sourcex.com
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