The number of scam cases increased by 64.5% in the first half of 2023
MSIG Singapore has announced a collaborative effort with Dedoco and Embed Global to enhance anti-scam measures in the digital domain. This partnership is focused on addressing the increasing challenge of digital fraud and ensuring customers’ online safety through a new message verification platform.
A recent report by the Singapore Police Force highlighted a significant rise in scam cases, with a 64.5% increase in the first half of 2023 compared to the same period in the previous year. Among these, phishing scams were notably prevalent, accounting for 13.4% of total scam incidents.
To counter this growing threat, the partnership aims to introduce a digital solution for verifying and reporting suspicious communications. This initiative also includes providing streamlined access to cyber insurance for local businesses.
The anti-scam verification platform, Ping by Dedoco, is based on the Zero Trust model for digital interactions. It is designed to secure businesses and individuals from cyber threats by enabling real-time verification of messages across various communication channels, including SMS, email, and instant messaging platforms like WhatsApp.
MSIG will be the first insurance company to implement Ping, integrating it into its digital channels such as its website, customer portal, and intermediary mobile app. This integration will allow recipients of MSIG communications to verify their authenticity and report any fraudulent messages or emails.
The deployment of this security solution on MSIG’s platforms and Embed Global’s Connectsure platform is set to begin in December.
Furthermore, MSIG’s SME clients will benefit from this anti-scam solution as part of a comprehensive cyber protection cover. Through Embed Global’s Connectsure platform, MSIG Singapore will offer cyber insurance coverage to SMEs. This coverage includes protection against third-party liabilities, first-party expenses, business interruption costs, and a 24/7 incident response service.
“As cyber risks continue to rise in a connected world, our industry must accelerate in embracing new technologies to curb the issue. Individuals and SMEs with fewer controls are more likely to be targeted by cybercriminals, and these attacks can lead to financial losses, reputational damage, and even legal repercussions for them,” said Mack Eng, CEO of MSIG Singapore. “A robust anti-scam verification solution will make it increasingly difficult for criminals to penetrate and will assure our customers and SME clients a secure digital experience. In this regard, we are pleased to align with like-minded partners like Dedoco and Embed Global to offer authentication of our communications and peace of mind to our customers.”
