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Singapore’s Police Force partners with Mastercard to implement new fraud-fighting device

Singapore’s Police Force partners with Mastercard to implement new fraud-fighting device

Earlier this month, at the World Cities
Summit 2018, The Police Force of Singapore
announced
that it would be partnering with
Mastercard to implement new fraud-fighting devices that aim to tackle card
crime.

The partnership will see the Commercial Affairs Department of the Singapore Police Force
collaborate with Mastercard to combat fraud. This will be done by implementing the
Mastercard Forensic Reader (MFR) – the world’s first device that aims help law
enforcement agencies detect payment card fraud with greater speed, accuracy, and efficiency.

Resembling an in-store point-of-sale
terminal, the MFR aims to improve the effectiveness, timeliness, and accuracy in investigating payment card
fraud of Mastercard and other payment cards. In the past, such investigations
required protracted processes involving multiple parties such as investigation
agencies, payment solution companies, and
card issuers.

The introduction of the MFR will enable law
enforcement agencies to quickly process seized fraudulent cards and verify with
the relevant card issuer if the card is a suspected counterfeit in a matter of
seconds.

Ian Wong, Deputy Director, Financial
Investigation, Commercial Affairs Department, said that the CAD and Mastercard
have been working very closely together to fight payment card fraud since the
1980s. In addition to providing assistance in the day-to-day investigations,
Mastercard has also partnered CAD and other organizations in efforts to prevent
payment card fraud. He added that Mastercard has donated 10 pieces of
Mastercard Forensic Reader and these will enhance CAD’s ability to conduct more
thorough an efficient investigations into payment card fraud and related offences.

Commenting on the new technology, Derek
Pak, Regional Head, Customer Fraud Management, Asia Pacific, Mastercard, said
that in the current era, criminals are constantly thinking of new ways to
bypass security systems. Thus, industry-wide collaboration has never been of
greater importance when staying one step ahead of the game.

Mr Pak also stated that the Mastercard Forensic Reader is a practical
example of the efficient use of expertise and resources to enable the innovation
and development of novel ways to fight fraud by partnering with like-minded
organizations such as local law enforcement agencies to implement this
on-ground.

“It is the combined force of the industry
that will allow us to effectively combat card fraud, with the common goal of
safeguarding cardholders’ private information,” he added.

Originally piloted in 2015, law enforcement
agencies in Macau and Taiwan were among the first to adopt the MFR in the Asian
Pacific region.

Key
features of the MFR include:

i.   Greater speed: Fraud
investigations require immediate coordination across organizations. The MFR
enables law enforcement agencies to instantly contact the issuing bank to
determine if the card is authentic or counterfeit within seconds.

ii.  Greater flexibility: The reader
is designed to be able to read the chip,
magnetic stripe or contactless cards.

iii. Data security: The MFR meets
industry standards and does not store any card information.

iv. Increased efficiency: The MFR
provides simple reporting of large volumes of data in multiple formats
including screen display, paper or digital.

The MFR’s development is in line with the
company’s commitment to delivering the highest levels of security in the most
convenient ways to pay. With innovative solutions including the recently
launched Decision Intelligence and Identity Check Mobile in place, cardholders,
retailers and card issuers can have the peace of mind when using, accepting and
issuing Mastercard payment products.

This collaboration is keeping in with The Police
Force’s mandate which is to prevent, deter and detect crime. It is dedicated to
being a force for the nation – to make Singapore the safest place in the world
and hopes to do this by investing in the latest technologies including this
device by Mastercard.

PARTNER

Qlik’s vision is a data-literate world, where everyone can use data and analytics to improve decision-making and solve their most challenging problems. A private company, Qlik offers real-time data integration and analytics solutions, powered by Qlik Cloud, to close the gaps between data, insights and action. By transforming data into Active Intelligence, businesses can drive better decisions, improve revenue and profitability, and optimize customer relationships. Qlik serves more than 38,000 active customers in over 100 countries.

PARTNER

As a Titanium Black Partner of Dell Technologies, CTC Global Singapore boasts unparalleled access to resources.

Established in 1972, we bring 52 years of experience to the table, solidifying our position as a leading IT solutions provider in Singapore. With over 300 qualified IT professionals, we are dedicated to delivering integrated solutions that empower your organization in key areas such as Automation & AI, Cyber Security, App Modernization & Data Analytics, Enterprise Cloud Infrastructure, Workplace Modernization and Professional Services.

Renowned for our consulting expertise and delivering expert IT solutions, CTC Global Singapore has become the preferred IT outsourcing partner for businesses across Singapore.

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Planview has one mission: to build the future of connected work. Our solutions enable organizations to connect the business from ideas to impact, empowering companies to accelerate the achievement of what matters most. Planview’s full spectrum of Portfolio Management and Work Management solutions creates an organizational focus on the strategic outcomes that matter and empowers teams to deliver their best work, no matter how they work. The comprehensive Planview platform and enterprise success model enables customers to deliver innovative, competitive products, services, and customer experiences. Headquartered in Austin, Texas, with locations around the world, Planview has more than 1,300 employees supporting 4,500 customers and 2.6 million users worldwide. For more information, visit www.planview.com.

SUPPORTING ORGANISATION

SIRIM is a premier industrial research and technology organisation in Malaysia, wholly-owned by the Minister​ of Finance Incorporated. With over forty years of experience and expertise, SIRIM is mandated as the machinery for research and technology development, and the national champion of quality. SIRIM has always played a major role in the development of the country’s private sector. By tapping into our expertise and knowledge base, we focus on developing new technologies and improvements in the manufacturing, technology and services sectors. We nurture Small Medium Enterprises (SME) growth with solutions for technology penetration and upgrading, making it an ideal technology partner for SMEs.

PARTNER

HashiCorp provides infrastructure automation software for multi-cloud environments, enabling enterprises to unlock a common cloud operating model to provision, secure, connect, and run any application on any infrastructure. HashiCorp tools allow organizations to deliver applications faster by helping enterprises transition from manual processes and ITIL practices to self-service automation and DevOps practices. 

PARTNER

IBM is a leading global hybrid cloud and AI, and business services provider. We help clients in more than 175 countries capitalize on insights from their data, streamline business processes, reduce costs and gain the competitive edge in their industries. Nearly 3,000 government and corporate entities in critical infrastructure areas such as financial services, telecommunications and healthcare rely on IBM’s hybrid cloud platform and Red Hat OpenShift to affect their digital transformations quickly, efficiently and securely. IBM’s breakthrough innovations in AI, quantum computing, industry-specific cloud solutions and business services deliver open and flexible options to our clients. All of this is backed by IBM’s legendary commitment to trust, transparency, responsibility, inclusivity and service.