CashShield is proud to announce that it has joined the Singapore Police Force (SPF) Alliance of Public Private Cybercrime Stakeholders (APPACT), an initiative of the CyberCrime Command of the SPF.
The threat of cybercrime is serious and growing. In the United States alone, the FBI reported that consumers experienced a loss of $1.33bn from cybercrime in 2016, with the bureau receiving over 800 complaints a day. Criminals look towards the speed, convenience and anonymity of the internet as their new frontier, conducting increasingly sophisticated attacks on businesses and individuals.
In the face of these threats, Singapore’s Minister of Home Affairs, K Shanmugam, announced the creation of the National Cybercrime Action Plan (NCAP) in July 2016. With a vision to safeguard and secure Singapore’s online environment, the NCAP sought to foster the seeds for proactive engagement between private organisations and government agencies.
As an outcome of the NCAP, the APPACT was created by the CyberCrime Command to allow the SPF and private stakeholders to combat emerging cyber threats. Comprising of 40 organisations at the forefront of the fight against cybercrime, the alliance is positioned to convene bi-annually. Members include global information technology companies, e-commerce platforms, telecommunications service providers and banks.
CashShield’s co-founder Irene Brime said of the partnership, “In the fight against cybercrime, we have to be proactive in our information sharing, connecting the dots to see threats from a macro-perspective. The APPACT represents the triumvirate of business, financial institutions and the Singapore Police Force working to do just that. CashShield’s experience in stopping fraud before it happens in the payments and login process will add a critical dimension to the APPACT discussion table, and we are excited to contribute.”
Joining the alliance, CashShield will lend its expertise in enterprise risk management, sharing the lessons that it has learnt in securing merchants such as Square Enix, Razer and Vodafone across fraudulent payments and hostile accounts.
Additional Reading: Straits Times- Private sector, police tie up to fight cyber criminals
CashShield is an online enterprise risk management company that helps companies manage their payment fraud risks and prevent hostile account takeovers. Uniquely powered by high-frequency trading algorithms combined with real-time pattern recognition and passive behavioural biometrics, CashShield’s award-winning solution functions without the need for any data scientists or fraud analysts. The company has screened transactions in over 190 countries, securing billions in gross merchandise value for enterprises such as Alibaba, Razer and Vodafone. CashShield has global operations in the US, Europe, China and Southeast Asia.
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APPACT – Alliance of Public PrivAte Cybercrime sTakeholders is a new public-private industry platform that the CyberCrime Command of SPF is setting up to achieve this. It comprise of members from the financial industry, internet service providers, web hosting companies and telecommunications operators to increase cybercrime awareness in the private sector through structured engagement with established key points of contact. The platform is positioned to convene bi-annually. We had our inaugural 1st APPACT in Feb 2017 and recently on 21 June we convened where we share updates on No More Ransom and case sharing on Resurgence of Police Impersonation Scam. APPACT currently has 40 partners.