Pay with peace of mind with GrabPay’s multi-layered approach to secure mobile transactions, Tech News News & Top Stories

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Even as the popularity of digital and mobile wallets soars along with the boom in e-commerce, Mr. Joel Lim prefers to stick with cash or credit cards when making payments.

“Today, with all these new payment platforms, all of your financial data is stored on your phone,” he explains. “If your phone is stolen by someone, it has virtually access to all of your mobile wallets and i-banking accounts.”

The 31-year-old official is cautious that he won’t even register his face on his phone for facial recognition. “With how advanced things like deepfakes can be these days, facial recognition software is too easy to fool. “

It’s easy to see why people like Mr. Lim err on the side of caution. With the increase in online payments during the Covid-19 pandemic, so too is cybercrime. A Mastercard survey conducted in May showed that cybercrime had seen an astonishing 49% increase from last year, with one in four consumers having experienced an attempted fraud.

It’s no wonder Singaporeans are increasingly reluctant to expose themselves to security breaches. Online payment platforms are also very aware of the importance of cyber defenses and have strengthened their security systems accordingly.

Take, for example, GrabPay, which is a Payment Card Industry Data Security Standard (PCI DSS) 3.2 Level 1 Certified Service Provider – a validation of GrabPay’s commitment to ensuring the security of its payment platform by adhering to industry recognized standards.

GrabPay also falls under the jurisdiction of regulators in Southeast Asia, such as the Monetary Authority of Singapore, Bank Negara Malaysia, and Bangko Sentral ng Pilipinas in the Philippines.

For an additional level of security, wallet balances are also stored and protected locally by Grab United’s partner Overseas Bank.

Stop crimes before they happen

Perhaps the main advantage of the GrabPay platform is its highly advanced fraud detection engine.

According to the Grab Financial Group, the engine is a complex, multi-layered set of built-in features, machine learning algorithms and risk rules capable of detecting fraud attempts in real time.

The engine continuously monitors user account activity to identify suspicious transactions. Any transaction deemed too far removed from the typical user habits of users will be refused as soon as possible.

And thanks to machine learning, the engine’s fraud detection capabilities are getting stronger every day. It produces more than 20 million risk verdicts every day, each of them making it easier to recognize attempted fraud.

A full team of technical and specialist experts continuously monitor the engine and update it with the latest fraud detection information.

This intelligence comes directly from reports of surveillance teams in Southeast Asia researching the latest modus operandi of cybercriminals in the region.

With GrabPay’s enhanced features such as fraud detection, 24-hour phone support, and two-factor authentication, users can shop online with peace of mind. PHOTO: ENTER

But even with artificial intelligence at the helm, Grab hasn’t forgotten the human element. GrabPay Card users will have access to 24-hour support through a dedicated hotline, allowing them to report and dispute fraudulent transactions, or on the contrary, authorize those that have been wrongly refused.

For an added level of security, GrabPay will now require two-factor authentication for transactions deemed to be high-risk, whether it’s changing region or device, updating profile information, or even switching. access functions integrated into the application such as GrabInvest.

And beyond that, users have the option of implementing additional biometric identification measures, such as face or fingerprint verification.

Safety at the heart of everything

But security isn’t just about fraud detection engines and two-factor authentication.

Rather, it is an attitude that must be cultivated.

This is precisely why Grab places privacy and security at the heart of everything it does. The company’s recent actions are driven by what it calls a privacy-by-design framework, in which key processes – from feature releases to provisioning – incorporate privacy controls and security reviews into their design. workflow.

And even with ever-changing industry standards and protocols, Grab is doing everything to keep pace. The company’s cybersecurity operations and posture are constantly subject to internal and independent audits to ensure they are fully compliant with the latest privacy laws and industry practices.

“Technology is a key tool to protect our users, especially with an ecosystem at our scale in the Southeast Asia region, and we are continually investing to strengthen our risk and security features to ensure the safety of our users, ”said Mr. Wui Ngiap Foo, Head of Integrity, Mobility Engineering and Patent Office at Grab.

“Another crucial catalyst is having the right corporate culture,” he continues. “At Grab, we are committed to creating a culture where user trust is the top priority for all employees. We focus on the laser not only to protect our users, but also to ensure they have a seamless experience while interacting with our app.

“People always say apps can be safe or low friction: we aim to be both. “

This attitude towards security extends even towards its stakeholders. Grab has also redoubled its efforts to cultivate a culture of safety within its entire ecosystem through awareness programs, even extending to its driver-partners, merchant-partners and vendors.

As cybercrime continues to increase in the region and cybercriminals find increasingly devious ways to circumvent current security measures, Singaporeans need a payments platform that spares no effort to protect. the data of its customers.

And with GrabPay, there’s no better way to Pay It Safe online.

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