MYEG Partners With MYIDSSB To Combat Online Fraud With Blockchain

KUALA LUMPUR, Jan 24 (Bernama) -- MY E.G. Services Bhd (MYEG) has announced a strategic collaboration with MyDigital ID Solutions Sdn Bhd (MYIDSSB) to establish a blockchain-powered national digital identity ecosystem, the MyDigital ID Superapp, aimed at combating online fraud.

In a statement, MYEG said the MyDigital ID Superapp will provide a seamless, secure, and scalable solution for integrating digital identity management for commercial service providers.

Built on the Malaysia Blockchain Infrastructure – a national initiative under the National Research and Development Agency, MIMOS – the platform offers a comprehensive suite of tools, including an e-wallet, news broadcasting, and an open innovation software development environment for businesses and service providers to leverage MyDigital ID.

“More importantly, this initiative is timely, as it comes amid increasing calls from thought leaders and policymakers at various China-ASEAN ministerial events for the establishment of interoperable digital standards and blockchain-based identity verification systems to safeguard online security and combat fraud.

“MYEG, through its Layer One public blockchain network Zetrix, offers the most comprehensive global ID solution, supporting not only MyDigital ID but also the digital IDs of Chinese nationals and business entities, as well as the World network’s World ID,” it said.

Scams continue to wreak financial and emotional havoc across Malaysia, with the recent State of Scam Report 2024 revealing losses of RM54.02 billion (US$12.8 billion) over the past year.

This figure, equivalent to 3.0 per cent of the nation’s gross domestic product, underscores the urgent need for stronger countermeasures against fraud.

Elsewhere, cyber scammers in Southeast Asia stole up to US$37 billion in 2023, with a significant rise in artificial intelligence-driven crimes.

-- BERNAMA