Security

Money Lock Safeguarded S$6.6B Across Over 78,000 Singapore Accounts

Since the launch of the Money Lock feature by three local banks – OCBC, DBS, and UOB – in November, over 78,000 accounts have been established with more than S$6.6 billion of savings securely set aside as of March 2024.

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COSMIC Platform Goes Live in Singapore to Combat Financial Crime

The Monetary Authority of Singapore (MAS) has officially rolled out the COSMIC platform, a digital initiative aimed at bolstering the defense against money laundering, terrorism financing, and the proliferation of weapons of mass destruction. The system, which became operational today

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Visa Set to Roll out New AI-Powered Fraud Prevention Solutions

Visa announced the expansion of its value-added services by introducing three new AI-powered solutions aimed at bolstering fraud and risk prevention. These additions are part of Visa’s comprehensive Protect suite, targeting immediate account-to-account transactions, card-not-present (CNP) payments, and activities beyond

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Worldpay Taps Mastercard’s Ethoca Alerts to Reduce Payment Fraud, Chargebacks

Mastercard and global acquirer Worldpay have announced a partnership aimed at mitigating payment fraud and reducing the prevalence of chargebacks. Chargebacks, which are refunds requested by consumers disputing transactions, are on a steep rise, with projections indicating a surge to

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Mobile Banking Malware on the Rise Amid Rapid Adoption

Mobile banking is a rapidly growing market that’s projected to hit a value of US$7 billion by 2032. However, this surge is being accompanied by a dramatic growth in mobile banking malware, as threat actors increasingly turn their focus on

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Visa: AI Fuels Surge in Emotion-Based Scams like Pig Butchering and Inheritance Fraud

Visa’s latest Biannual Threats Report for Spring 2024 underscores the concerning rise of “pig butchering” scams, showcasing the sophisticated threats plaguing both individuals and businesses in the global payments ecosystem. These scams cleverly exploit emotional vulnerabilities by luring victims into

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SEON Expands to Japan with Densan System Partnership

Densan System, a Japanese information and technology services company, has integrated SEON’s cybersecurity solution to bolster security and streamline user experience on its recently launched ‘PayLabo’ digital payment platform. PayLabo consolidates diverse payment methods across the APAC region into a

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Sumsub Combats Fraud Networks in APAC With Upgraded Solution

Sumsub, a global verification provider, is addressing the sharp increase in fraud networks in the Asia-Pacific (APAC) region with its enhanced Fraud Prevention Solution. This tool is designed to help businesses tackle fraud rings, account takeovers, chargeback fraud, and bot

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Indonesia’s Booming Digital Payments Drive Demand for Robust Mobile App Security

In the dynamic landscape of Indonesia’s digital revolution, the exponential growth of digital payments has generated an increased demand for robust mobile app security solutions. As financial institutions navigate the challenges of securing sensitive financial information and user data, a

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Singtel and M1 Collaborate on National-Level Approach to Combat Digital Fraud

Singapore’s mobile operators Singtel and M1 have announced a collaboration to enhance security for their customers through network-based authentication. This initiative leverages standardised communication channels (APIs) set by the GSMA, allowing real-time verification of mobile phone numbers and device locations.

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