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FINANCIAL SERVICES, TELECOM & INTERNET | Staff Reporter, Singapore
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SingSaver, Allianz partner for free online banking insurance

The plan protects against fraudulent transactions and device theft.

SingSaver has partnered with Allianz Singapore for a free online banking protection insurance for three months to new and existing SingSaver account holders, according to an announcement.

Seven in 10 Singaporeans still have their guards up regarding online data security even with the accelerated shift towards digital banking, a SingSaver study said. One in three (35%) said they are “not comfortable” or “neutral” towards online banking tools, with 45% relating their discomfort toward fraudulent transactions.

The plan protects against unauthorised credit card, debit card or bank account access issued by a financial institution in Singapore in electronic device/s, and the transmission of computer viruses or harmful codes.

It also covers any alteration, corruption, damage, theft, or destruction of a customer’s electronic device or access restriction against an electronic device.

The plan reimburses clients up to $1,000 per event or $2,000 per insured individual for any incidents of cyberattack.

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