MSIG Singapore launches anti-scam solution PingTM for comprehensive cyber protection

• Number of scam cases rose by 64.5% in the first half of 2023
• Partnership aims to tackle digital fraud and enhance online safety 

MSIG announced its collaboration with Dedoco and Embed Global to drive the industry’s anti-scam efforts. The tripartite partnership aims to combat the prevalent issue of digital frauds and safeguard customers' online safety through a new message verification platform debuting in Singapore.

According to the firm, digital frauds have been growing in recent years. In a 2023 report by the Singapore Police Force, the number of scam cases has increased by 64.5% in the first half of 2023 compared to the same period in the previous year. The same report also revealed that phishing scams were amongst the top five scam types in the first half of 2023 at 13.4% of the total scam cases.

In light of this escalating threat landscape, the partnership will provide both a digital solution to facilitate the verification and reporting of malicious communication, as well as a streamlined access to much needed cyber insurance for local businesses.

Mack Eng (pic), CEO of MSIG Singapore said, “As cyber risks continue to be on the rise in a connected world, our industry needs to accelerate in embracing new technologies to curb the issue. Individuals and SMEs with fewer controls are more likely to be targeted by cyber criminals, and these attacks can lead to financial losses, reputational damage and even legal repercussions for them.” 

“A robust anti-scam verification solution will make it increasingly difficult for criminals to penetrate and will provide our customers and SME clients the assurance of a secured 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,” he added.

Dennis Ng, CEO of Embed Global echoed similar sentiments: “With this tripartite partnership, our SME clients will benefit with end-to-end cyber protection. We are working together to embed Ping^TM onto our platform for clients who are onboard with MSIG’s cyber insurance solution with the objective of mitigating their risks in an evolving cyber threat landscape.”

The digital security solution termed, Ping^TM by Dedoco, is an anti-scam verification platform built on the concept of Zero Trust for digital interactions. Designed to protect businesses and individuals from cyber attack through the real-time verification of messaging, the technology is being made available across the most commonly used business communication channels such as SMS, email and instant messaging platforms such as WhatsApp.

MSIG stated that it is the first insurer to deploy Ping^TM, which will be integrated to its digital platforms such as its website, customer portal and intermediary mobile app so that recipients of MSIG’s messages and emails can verify the legitimacy of these digital communications through the general insurer’s official platforms. If any scam messages and emails are detected, the information will be reported to the relevant authorities, which will help to protect the broader community from potential cyber crimes.

Daphne Ng (pic), founder and CEO of Dedoco said, “Ping addresses the escalating problem of online scams by providing organisations with a proactive way to secure communications with their customers. We are excited to team up with forward-looking partners like MSIG and Embed Global to deliver a holistic solution that will help businesses strengthen trust and protect their customers and stakeholders.”

The integration of the security solution to MSIG’s various digital platforms and Embed Global’s Connectsure platform will commence from December 2023 onwards.

In addition, this anti-scam verification solution will be extended to MSIG’s SME clients as a part of an end-to-end cyber protection cover. MSIG Singapore’s cyber insurance cover offered through Embed Global’s Connectsure platform will provide the financial safety net to SMEs in the event of a cyber attack, covering third party liability, first party expenses and business interruption costs with a 24/7 incident response hotline included