Bentonville, AR: Amid a rising trend in e-wallet theft worldwide, DiSa Limited, a Singapore-based digital security company, is launching a first-of-its-kind integrated mobile phone warranty program to protect phone users against cyber theft.
To be launched in April 2019, M1 will be the first telco in Singapore to offer DiSa’s Cyber Theft Warranty Program to its phone users.
In the event, if phone users suffer any financial losses resulting from theft of their e-wallets, they can make a claim on DiSa’s website for an amount up to the retail cost of the phone. Every phone under the warranty program will be tagged with DiSa’s 3S smart barcode.
Globally, there has been a spike in mobile cyber-crimes as smartphone penetration soars. According to RSA, a US-based global security and risk management company, more than 60% of online fraud is accomplished through mobile platforms and 80% of mobile fraud is achieved through mobile apps instead of mobile web browsers.
In a report on cyber threats, the World Economic Forum (WEF) noted that a prominent threat has emerged from the fact that most people are using their phones to manage financial operations or handle sensitive data outside the security of their home network. The fact that users typically hold all their information on their phone, and that smartphones are now used for two-factor authentication, increases the security risk if the device is lost or stolen.
DiSa’s Group Chief Executive, Eddie Chng, said, “DiSa is delighted to provide this unique Cyber Theft Warranty to M1 customers. With the proliferation of mobile payments, more and more phone users are finding themselves exposed to cyber-crimes, some at very sophisticated levels. DiSa is confident that our solution will give peace of mind to smartphone users and add value to M1’s services.”
M1’s Chief Corporate Sales and Solutions Officer, Willis Sim, said, “This partnership is part of our broader commitment to integrate technologies that can enhance our customers’ experience and of course, protect them from cyber risks. By partnering with a global leader like DiSa, we are confident to position M1 at the forefront of technologies that will enable the next generation of smart and cyber secure mobile devices.”
According to Worldpay’s Global Payment Report 2018, payment by e-wallets makes up 10% of all e-commerce spending in Singapore as it provides convenience and facilitates quick checkout. However, despite the country’s tech-savvy culture and high smartphone adoption rates, cyber-crime remains a mounting concern. Some 65% of the 2,035 respondents in a Cyber Security Agency of Singapore survey in 2017 expressed concern for cyber-security risks through infected computer and mobile devices by virus and malware, and 78% were concerned about their financial and personal information being obtained by others. Phishing where attackers pose as trusted entities to trick victims into parting with their personal data, remains the favorite tactic, with more than 23,000 phishing URLs with a Singapore-link detected.
DiSa’s secure asset protection solutions – the 3S Smart Barcode which prevents invalid returns and the Point-of-Sale Activation which protects against retail thefts – are the world’s first anti-theft protection technologies that use encrypted codes on consumer products.
The collaboration with M1 is a significant milestone for DiSa, as DiSa establishes its presence in Singapore. Since DiSa was launched in 2017, its solutions have been used by one of the world’s largest retailers and a world leader in navigation products, Garmin, which produces GPS navigation products, as well as Samsung, which taps DiSa’s Smart Lock protection for its Galaxy Tab A 8.0″ model.
About Disa Digital Safety Pte Ltd (DiSa)
Disa Digital Safety Pte Ltd, a wholly-owned subsidiary of DISA Limited, provides digital asset protection with the PoSA (Point-of-Sale Activation) Solution and 3S Smart Barcode (Single Scan Serialisation).
The DiSa PoSA Solution is the world’s first fully digital asset protection technology for consumer electronic products allowing for open sell retail environments. Each device is assigned a unique activation code and is digitally locked, preventing theft by rendering the devices inoperable from the point-of-production to the point-of-sale at retail stores. The device remains locked until the buyer activates the device using a one-time activation code that is printed on the retail sales receipt. Once activated, the device remains permanently unlocked and fully functional. DiSa offers full support to manufacturers, retailers, and consumers.
3S (Single-Scan Serialization)
In 2017, DiSa’s Single-Scan Serialization (3S Smart Barcode) was launched on non-electronic products to prevent return fraud. 3S Smart Barcode effectively stops invalid returns, offers product visibility with real-time analytics from Product ID Live, and provides a more accurate inventory calculations by rejecting invalid returns and giving more precise store and item sales and returns data.