HL Assurance combats online fraud through partnership

The coverage offers protection against unauthorised transfers and false payments.

Hong Leong Group’s insurance arm, HL Assurance, has inked a partnership with payments company, AXS, to launch a Cyber Fraud Protection insurance feature.

AXS’s will be investing a total of $3.5m toward the project, which will be available to AXS users from now until 31 May 2025.

The coverage offers protection against fraud and includes a complimentary $5 AXS bill payment e-voucher upon sign-up.

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

Introduced with HL Assurance, this plan provides an extra layer of protection, ensuring peace of mind for users conducting transactions on the AXS platform and other online activities.

Benefits for users include free Cyber Fraud Protection, offering essential financial security at no extra cost. 

Fraud Protect360 is the first in Singapore to cover fraudulent transactions across emails, SMS, and WhatsApp.