MSIG has formed a partnership with Dedoco, aiming to strengthen its defences against fraud. This collaboration introduces Dedoco's Ping, a state-of-the-art anti-scam verification app, across MSIG's digital platforms. The initiative directly responds to increasing scam incidents reported in Singapore.
Rise in scam cases prompts enhanced security measures
A report from the Singapore Police Force in 2023 highlighted a worrying 64.5% increase in scam incidents in the first half of the year compared to the previous year. In response, Dedoco developed Ping to provide a robust shield for business communications against fraudulent activities.
How Ping safeguards communication
Ping offers comprehensive protection across various communication channels, including SMS, WhatsApp, Line, Viber, and email. Utilising blockchain technology, Dedoco maintains a secure ledger, enhancing the verification process.
Ping's effectiveness lies in its approach to hashing and signing complete message records before storing them on the blockchain. This process allows message recipients to verify authenticity instantly through the app. Importantly, Ping stores only hashed representations of messages, not the actual content, addressing privacy concerns and reducing third-party risks.
Unlike traditional anti-scam methods that analyse content, Ping verifies all aspects of business-to-consumer communications across various channels. This method effectively prevents message tampering and social engineering scams that exploit brand impersonation and spread misleading information.
Streamlining cyber insurance access and business support
The MSIG and Dedoco partnership extends beyond security measures, offering a digital solution for verifying and reporting suspicious communications. It also simplifies access to cyber insurance through MSIG's intermediary partner, Embed Global, enabling businesses to purchase policies online, a departure from traditional form submissions. Additionally, Ping is offered as a value-added service to businesses.
Ping can be downloaded from the Apple App Store and the Google Play Store for free to end users. Its integration into MSIG's platforms marks a significant advancement in digital security for the business community.
