Payment solutions company AXS is investing SGD3.5 million to launch a cyber fraud protection insurance feature in collaboration with HL Assurance.
The insurance plan will 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.
The initiative, available to AXS users from today till May 31, 2025, offers them enhanced protection against fraudulent activities and includes a complimentary SGD5 AXS bill payment e-voucher upon sign-up.
“This initiative not only aims to provide our customers with peace of mind in their everyday lives but also seeks to help alleviate the financial burden,” said AXS CEO Chin Mun Chung.
The Fraud Protect360 insurance covers AXS users for up to SGD1,000 against cyber incidents such as unauthorised electronic funds transfer from their personal bank accounts and online retail fraud where payment was sent, but goods were not received.
Fraud Protect360 insurance is provided at no additional cost, and in a first for Singapore, it safeguards against fraudulent transactions across emails, mobile text messages, and WhatsApp.
“By leveraging AXS’s platform and our innovative approach, we are confident that 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,” said HL Assurance CEO Kevin Lim.
