Once a scam victim, this entrepreneur has built an escrow service to check online shopping fraud in Malaysia

Online fraud and scams are a norm in Malaysia. Around 12,481 cases reported in 2016 were related to online shopping, as per an estimate. They resulted in the loss of RM266 (US$64) million in 2017, and this number rose to RM398 (US$95) million in 2018. “Existing solutions to prevent online fraud deemed ineffective and inefficient,” […] The post Once a scam victim, this entrepreneur has built an escrow service to check online shopping fraud in Malaysia appeared first on e27.


21 Oct, 2019E27.CO

Once a scam victim, this entrepreneur has built an escrow service to check online shopping fraud in Malaysia

The Prepay founding team

Online fraud and scams are a norm in Malaysia. Around 12,481 cases reported in 2016 were related to online shopping, as per an estimate. They resulted in the loss of RM266 (US$64) million in 2017, and this number rose to RM398 (US$95) million in 2018.

“Existing solutions to prevent online fraud deemed ineffective and inefficient,” Nik Mohd Azri Azaha tells e27. “We hope to make a difference with our online escrow service Prepay.”...

This article is only available for BEAMSTART community members. Please log in to view it. Registration is free of charge.

E27Author

A media organization focused on Asia's technology startup community

Share this Story


More Stories


BEAMSTART News covers the latest stories on Business, Finance, and Opportunities in Asia. We are an extension of global partnerships platform BEAMSTART.

Stay updated with us via our channels below:

 

Download the App

Be part of the global community of CEOs, Business Leaders, and Professionals. Download below to instantly form partnerships and discover opportunities:

© 2016 - 2020 BEAMSTART. All Rights Reserved.