Facial verification and scam insurance added to GLoan
FUSE Financing Inc., the lending arm of GCash, has introduced facial verification for its GLoan product, adding a layer of identity authentication designed to protect users against unauthorized loan applications and fraud.
According to the company, the feature uses biometric authentication via a Selfie Scan to confirm that the person applying for a loan is the legitimate account holder. This is meant to reduce the risk of unauthorized loan transactions and disbursements even in cases where login credentials have been compromised. The adaptive security feature is designed to protect loan transactions during elevated-risk moments while keeping a frictionless experience for low-risk availments.
The new feature builds on existing safeguards, including the recent launch of the in-app Security Center, which offers user-controlled tools such as Lock My Account for immediate account suspension, Money Lock for securing wallet funds, and a Subscription Center. These tools are part of the company's broader effort to help keep users protected from prevalent threats and scams.
Enhanced insurance coverage
Fuse has also enhanced its GLoan Protect offering with a new Loan Scam Insurance feature, providing coverage of up to P10,000 for select users. The additional coverage is intended to protect users from financial loss in cases where loans are triggered by unauthorized account use, phishing, and similar incidents.
GLoan continues to offer GLoan Protect via GInsure, underwritten by Oona Insurance, which provides eligible users added financial protection built into their borrowing experience. With each loan of at least P500 from GLoan, qualified users receive access to free health insurance, including a daily hospitalization allowance of at least P500 per day or up to 10% of the total loan value if confined in a hospital for a minimum of three days.
Company statement
Tony Isidro, President and CEO of Fuse Financing Inc., said in a statement: "At Fuse and GCash, we continue to invest in security innovations that protect our borrowers at every step, from identity verification to added safeguards and benefits like loan scam insurance and health insurance. Our approach is simple: put the user first, anticipate risks, and ensure that every transaction is backed by features designed to keep them secured and protected."
How to check GLoan Protect status
For users who want to check the status of their GLoan Protect or file an insurance claim, the process is done through the GCash app. Users need to open the app, navigate to 'Explore the App', tap 'View All', select 'GInsure', and head to 'My GInsure'.
More information is available at www.gcash.com.