Singapore-based digital security company DiSa Limited aims to pioneer a new integrated mobile phone warranty program, and has signed up M1 as the first operator to offer the program to its mobile users.
The new insurance offering, developed to tackle the rising global trend of e-wallet theft, will allow victims of theft of their e-wallets to make a claim for an amount up to the retail cot of the phone.
Every phone covered under the warranty program will be tagged with DiSa’s encrypted 3S smart barcode, which is designed to prevent invalid returns.
“DiSa is delighted to provide this unique Cyber Theft Warranty to M1 customers. With the proliferation of mobile payments, more and more phone users are finding themselves exposed to cybercrimes, some at very sophisticated levels,” DiSa group executive Eddie Chng said.
He noted that the proliferation of e-wallets, the rising tide of mobile fraud and the growing use of smartphones for two-factor identification exposers smartphone owners to significant risks if their device is stolen.
“DiSa is confident that our solution will give peace of mind to smartphone users and add value to M1’s services.”
Worldpay estimates that payment by e-wallets makes up 10% of e-commerce spending in Singapore.
But research from the Cyber Security Agency of Singapore found that a wide majority of consumers are concerned about the risk of having their financial and personal information exposed through malware infected mobile devices.