Singapore’s leading digital insurer FWD Singapore has announced the expansion of its home insurance coverage by protecting homeowners from cyber fraud through its complimentary FWD Cyber insurance.

Customers who now purchase or renew FWD Home insurance will enjoy the complimentary FWD Cyber insurance, a newly launched online cyber protection plan designed to safeguard customers from the financial impact of cyber fraud. The complimentary coverage1 is available for twelve months and covers online shopping fraud and fraudulent electronic transfers.

“People rely heavily on digital devices and online activities in their daily lives, including shopping and managing personal finances. This has increased their vulnerability to cyber fraud. Having peace of mind at home is more than just protecting the physical contents in one’s home, it should also include cyber protection for other activities such as online shopping purchases and electronic transactions.

“FWD is committed to meeting the customers’ evolving needs and ensuring that our customer’s ‘home’ is fully protected. We believe it’s crucial for people to protect themselves from potential financial impact resulting from cyber fraud,” said Adrian Vincent, CEO of FWD Singapore.

According to data recently released by the Singapore Police Force2, scams are a growing concern in Singapore as the country hit a record high of 31,728 scam cases in 2022. Scam victims in Singapore were cheated of S$660.7 million in 2022, a 4.5% increase from 2021.

Among the top five scams are phishing and e-commerce scams, which made up more than one-third of all scams in Singapore. In response to this growing cyber risk, FWD Singapore is stepping up to mitigate the financial impact of scams and safeguard their customers’ finances through FWD Cyber insurance.

The launch of FWD Cyber insurance is also timely, given the increased use of digital processes and platforms brought on by the pandemic. As more people engage in online shopping and perform electronic fund transfers, the likelihood of online scams and fraudulent transactions also increases.

Through its new cyber plan, FWD recognises the protection gap in safeguarding financial loss from cyber incidents. FWD Cyber insurance lets customers enjoy peace of mind when engaging in online activities.

Vincent said: “By leveraging the latest technologies and industry expertise, we constantly evolve our offerings and aim to provide our customers with enhanced protection. As we celebrate FWD’s 10th anniversary, we’re proud to offer this innovative solution that is changing the way people feel about insurance.”

FWD Cyber insurance provides coverage for some of the most common scams, with the following benefits:

  • Online shopping fraud protection: Provides up to S$5,000 in coverage for financial loss arising directly from an online marketplace fraud which consequently results in the non-delivery3 of a product purchased by the customers.
  • Fraudulent electronic transfer protection: Provides up to S$5,000 in coverage for financial loss to customers’ bank accounts or digital wallets arising directly from a cyber event4, which they first discovered during the policy period.

FWD Cyber insurance covers the person, instead of the device, which means that customers are financially protected regardless of what devices they use.

Upon purchasing or renewing FWD Home insurance, customers will receive their FWD Cyber insurance redemption email within a few days. The customer can then go onto the FWD SG mobile app to complete the redemption.

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