Singapore-based tech startup, Dedoco, has unveiled its artificial intelligence (AI) powered platform, Ping, in an attempt to protect consumers from communication scams. These scams may emerge through several channels, such as SMS, WhatsApp, Viber, and email, the company states.
The operating principle of Ping is a simple yet effective approach to verification. The platform can either be integrated into an organisation's native app or accessed through the standalone Ping app.
With this, consumers can swiftly verify the legitimacy of messages received within seconds. Where messages are flagged as fraudulent, users can easily report the incident through the app and inform the relevant authorities.
A significant customer already deploying this solution is MSIG Singapore. Alongside Dedoco, MSIG Singapore is also collaborating with their intermediary partner, Embed Global, for the purpose of creating an end-to-end cybersecurity insurance product specifically customised for SMEs.
The CEO of Dedoco, Daphne Ng, highlighted some benefits of the platform and how it will help businesses stay in line with the Singaporean paradigm of digital trust and security. She said, "Ping does more than just validate legitimate content."
"We help brands and businesses stay ahead of sophisticated tactics by placing guardrails across all channels facing attack. [...] We are proud to be a homegrown platform solving an important gap in last-mile, self-serve verification."
While organisations face persistent challenges with digital communications scams that target their customer-base, leading to substantial reputational damage and financial loss, the introduction of Ping is believed to offer an impactful solution. The platform not only enhances privacy and security but also instils a renewed sense of trust and confidence in consumers interacting with business communications.
MSIG Singapore is not only deploying Ping as a part of their communication channels but is taking it a step further. In partnership with Embed Global, they are incorporating Ping into their cyber insurance protection plans.
The CEO of MSIG Singapore, Mack Eng, emphasised the necessity of such technological solutions in light of increasing cyber threats. He mentioned, "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."
Beyond Singaporean borders, Dedoco has garnered interest from a diverse cohort of organisations across different industry sectors. The first deployment in Indonesia is expected to roll out as early as the first quarter of 2024.
With scam cases in Singapore having witnessed a 64.5% increase in the first half of 2023 alone as compared to the previous year, the need for anti-scam solutions such as Ping is on the rise.
The Singapore Police Force reported that more than S$334.6 million was lost to scams in the first six months of 2023, an alarming increase in scam activities that subsequently leads to significant financial and reputational loss.
Ping operates on the principle of Zero Trust, aiming to protect users from carefully disguised and socially engineered online scams. Available either through the Ping app or integrated into an organisation's native application, the technology provides scaled verification to strategically secure the most common channels for business-consumer communications.
The Ping platform is the latest addition to Dedoco’s growing ecosystem of secure applications, strategically designed to strengthen digital trust standards in an increasingly digitised world. As part of its ongoing commitment to improve security practices, Dedoco was recently awarded the Cloud Security Alliance’s Security, Trust, Assurance and Risk (STAR) Level 2 certification.