SINGAPORE - Telco M1 will offer its mobile phone users a warranty programme against e-wallet cyber theft in a tie-up with digital security company DISA, the latter said in a bourse filing on Wednesday morning (March 27).
The scheme will be launched in April, and allows phone users to make a claim on DISA's website up to the retail cost of the phone. The programme provides monetary relief from cyber theft of e-wallets arising from security breaches, but does not cover other phone-related losses, DISA group chief executive Eddie Chng said when contacted by The Business Times.
When asked why compensation cost was capped at the affected phone's retail price, Mr Chng added that the compensation amount was the result of commercial negotiations.
"Most e-wallets do not maintain balances higher than $1,000 and we believe that the recommended retail price of the phone will cover a majority of e-wallet losses," he said.
Each phone under the warranty programme will be tagged with DISA's 3S smart barcode, which prevents invalid returns and point-of-sale activation, protecting against retail theft.
Mr Willis Sim, M1's chief corporate sales and solutions officer, said the partnership is part of the telco's broader commitment to integrate technologies that can enhance its customers' experience and protect them from cyber risks.
"By partnering with a global leader like DISA, we are confident to position M1 at the forefront of technologies that will enable the next generation of smart and cyber secure mobile devices," Mr Sim said.
Mr Chng said: "With the proliferation of mobile payments, more and more phone users are finding themselves exposed to cybercrimes, some at very sophisticated levels. DISA is confident that our solution will give peace of mind to smartphone users and add value to M1's services."
DISA added that its collaboration with M1 is a significant milestone for the company, as it looks to establish its presence in Singapore.
Its shares were halted from trading before the market opened on Wednesday morning, pending an announcement. They last traded at $0.002 apiece on Tuesday.