- CashShield grabbed first place for its contribution to the FinTech sphere with its first of its kind fraud management technology
- The inaugural FinTech Awards, comprising of the MAS FinTech Awards and ABS Global FinTech Award, is launched as part of the inaugural Singapore FinTech Festival
CashShield – a revolutionary big Data, cybersecurity, SaaS-based enterprise solution was awarded the first place for the inaugural MAS FinTech Awards (Singapore Founder). This is one of the series of events part of the Singapore FinTech Festival, organised by the Monetary Authority of Singapore (MAS), in partnership with the Association of Banks in Singapore (ABS), for the global FinTech community.
“We are humbled and proud to be recognised for our efforts and technology, and we strive to continue to provide the best protection with great usability and convenience for the industry,” said Irene Brime, MD CashShield Europe and co-founder of CashShield, “Much of FinTech is about disruption and streamlining traditional methods, and CashShield is honoured to be part of this wave, helping our clients and most importantly industries globally to break the fraud cycle.”
Judged based on the impact, practicality, interoperability, uniqueness and creativity, CashShield came up top in the Singapore Founder category with its cutting edge fraud management technology, beating out other fraud solutions, various FinTech companies and large banks. Online payments is a core part of FinTech, but have been threatened with rising card fraud. CashShield’s technology is designed to break the fraud cycle, which sees billions of dollars lost to fraud syndicates annually.
CashShield is a state-of-the-art fraud management tool which utilises a combination of user behaviour analytics, machine learning and big data to detect and reject fraudulent online transactions merchants face in real-time. Founded in 2007, it is the brainchild of Justin Lie, who decided to develop the Software-as-a-Service based product after his own eCommerce ventures were hit by chargeback fraud through stolen credit cards. CashShield combats the fundamental issue of online fraud by deploying its product to effectively detect and deter fraudulent transactions while maintaining high acceptance rates, protecting potential business revenues from malicious online activity.