AXS earmarks $3.5m partnership with HL Assurance for fraud protection, Latest Others News - The New Paper

AXS earmarks $3.5m partnership with HL Assurance for fraud protection

AXS, a leading provider of secure and convenient payment solutions with over 23 years of industry experience, is investing $3.5 million to launch a Cyber Fraud Protection insurance feature in collaboration with HL Assurance.

Fraud Protect360, which is be available to AXS users from now until May 31 next year. It offers them enhanced protection against fraudulent activities and includes a complimentary $5 AXS bill payment e-voucher upon sign-up.

The Fraud Protect360 insurance covers AXS users for up to $1,000 against cyber incidents such as unauthorised electronic fund transfer from their personal bank accounts, and online retail fraud where payment was sent but goods were not received.

Introduced in partnership with HL Assurance, this insurance plan aims to offer an extra layer of protection, ensuring peace of mind for users as they conduct their transactions on the AXS platform and engage in other online activities.

Users can look forward to:

⦁    Free Cyber Fraud Protection: The Fraud Protect360 insurance is provided at no additional cost, giving users essential financial protection without any extra expense.

⦁    First in Singapore coverage: The plan safeguards against fraudulent transactions across e-mails, WhatsApp and SMSes.

⦁    Free e-voucher: Users who sign up will receive a $5 AXS e-voucher. This voucher can be used for bill payments and other services within the AXS mobile app, adding immediate value for users.

Mr Chin Mun Chung, chief executive officer of AXS Services, said: "We are thrilled to partner with HL Assurance to offer a first-of-its-kind fraud insurance and a $5 AXS bill payment voucher to all AXS mobile app users.

"This initiative not only aims to provide our customers with peace of mind in their everyday lives but also seeks to help alleviate financial burden. Together, we are committed to delivering innovative solutions that offer comprehensive protection and tangible relief to our users."

Mr Kelvin Lim, chief executive officer HL Assurance, added: "This partnership marks a significant milestone in our ongoing commitment to protect the best interests of our customers. By leveraging AXS's platform and our innovative approach, we are confident this new product will set a higher standard in safeguarding against fraudulent cyber activities, providing peace of mind and greater financial security to the public."

HL Assurance, a subsidiary of the prominent Hong Leong Group, is a respected insurance provider in Singapore and a member of the General Insurance Association, renowned for its wide array of insurance offerings. This partnership allows AXS users to benefit from HL Assurance's expertise in fraud protection and enhance their overall security experience.

AXS users can now sign up on the app by providing their name, date of birth, mobile number and e-mail address.

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  • This announcement is brought to you by AXS Services and HL Assurance