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TECHNOLOGY

Selling your verified digital wallet? Think again

May 19, 2023 9:29 p.m.

THE recent spate of selling and even rental of verified digital wallets in the country should not be taken lightly. It is, in fact, alarming because its owners or account holders risk losing their identities with far-reaching consequences, according to cybersecurity and digital privacy company Kaspersky. 

Since 2022, the local media have been reporting various apprehensions by police authorities of individuals allegedly involved in buying and selling of verified digital wallet accounts. Registered SIM accounts with verified digital wallet accounts are currently being bought for P350 each. On social media, the rates even go as low as P150 per account. These are then sold for an average of P600-P800 each. 

This kind of transaction is a cybercrime offense under Philippine laws. If proven guilty, both seller and buyer are up for some jail time and penalties from P100,000 to P500,000. 

But what’s stored in a digital wallet? 

A digital wallet is usually loaded with personal details of its owner such as full name, date of birth, nationality, phone number, email address, and mailing address. Once verified by the digital wallet company as a legitimate account, all financial transactions can be performed within the digital wallet app. 

The transaction limit varies but the maximum amount that can be received or sent per account is as high as P500,000, bypassing the use of credit and debit cards that are regulated and normally require security checks. 

Mobile digital wallets are a popular alternative financial service among Filipinos. Unfortunately, some digital wallet users think that selling their account isn’t really a big issue. They believe their accounts are not tied to any bank accounts with a lot of funds so there is nothing to extort from them. And getting a new SIM is cheap and easy and verifying their digital wallet accounts is hassle-free. 

“We’ve witnessed how the Filipinos embraced the cashless lifestyle during the pandemic, out of necessity. The ease of access and convenience of digital wallets made everyone quite comfortable, with some now selling, renting out or even loaning their verified accounts. By doing so, cybercriminals do not need to put much effort into phishing anymore as Filipinos are practically giving away their personal data for a song, which is really dangerous,” says Yeo Siang Tiong, General Manager for Southeast Asia at Kaspersky.

“As sellers or lenders of their own digital wallet accounts, not only would they get into trouble with the law. Losing their identities is also very likely especially when their data gets into the hands of scammers. With enough information from you, scammers can already set up other financial accounts using your name and use your identity to benefit them. Possible scenarios would be getting harassed by a collection agent for a debt you’ve never owed. It could also mean losing out on job or education opportunities just because your name appeared with an unpleasant digital profile when searched,” adds Yeo. 

What other damage can data thieves do? 

By selling your verified digital wallet, you are essentially handing out your data to cybercriminals and helping them carry out their evil activities.

With your confidential information in their hands, data thieves can:

  1. Make purchases on your behalf
  2. Use your personal details in online gaming. Cybercriminals use stolen identities for doxing (publishing your home address and phone number online for profit, fun, or humiliation) and swatting (reporting a fake emergency to law enforcement agencies to come to your place to intimidate you) 
  3. Use your personal information in online gambling. Fraudsters create networks of thousands of synthetic accounts, normally using stolen personal data and credit card information to accumulate bonus points and redeem their “winnings”. This particular type of fraud is extremely common in online poker and blackjack, where the result can be manipulated through game strategy.  
  4. Add themselves or an alias they can control as an authorized user so it’s easier to use your credit. 
  5. Use and abuse your Social Security number. Scammers may be able to take out loans and claim benefits under your name. 
  6. You may be banned from using the services of your favorite digital wallet company if your name appears to have availed of its loan services and that you cannot pay. 
  7. Sell your information to others who will use it for malicious purposes. Buying and selling of stolen personal information is big business on the dark web, the non-visible Web that can be accessed only by a specialized browser where cybercriminals provide illegal services to one another. Back in 2018, data from Kaspersky showed that criminals can sell someone’s complete digital life in the dark web for less than $50 (or P2,761, today’s forex). In 2020, the cybersecurity company shared that personal identity details such as full name, date of birth, email and mobile can fetch from $0.5 to $10 each (or P27.62 to P552.33).

Is there still a way to save your stolen identity? 

Once you have handed over your SIM account with your personal data in it, it is not easy to undo it. Experts suggest replacing your email address and telephone address as well as changing all affected passwords in all of your social media and financial accounts. If you believe you have been victimized by identity fraud, you can lodge a complaint through the Cybercrime Investigation and Coordinating Center (CICC) here. 

How else to protect yourself from identity theft?

  1. Keep data to a “need-to-know” basis. If someone is asking for your personal information, ask why they need it and how they will use it. 
  2. Bank safely. Make sure that you log into financial websites using a secure connection all the time.
  3. Know who you’re dealing with. If you are requested for your personal or financial information, find out who they are, what company they represent, and the reason for the request. Contact the company to confirm before disclosing any of your personal data. 
  4. Secure the data in your device. Use a security software to maximize your online safety, whether you transact using your personal details on your laptop, PC or mobile phone. 

TECHNOLOGY

TECHSHAKE announces strategic business alliance with Mirai Works

6:00 p.m. July 18, 2024

TECHSHAKE PTE. LTD., headquartered in Makati City, Philippines, with a branch office in Singapore, is pleased to announce that it has entered into a business alliance agreement with Mirai Works Inc., headquartered in Minato-ku, Tokyo, a professional-focused human resource service provider in Japan. 

This alliance aims to provide support for the growth and market entry of startups in Japan and Southeast Asia. 

TECHSHAKE’s Business

TECHSHAKE’s vision is to expand the startup ecosystem in Southeast Asia, with a focus on the Philippines, and to connect Southeast Asia with the world. 

TECHSHAKE (Kotaro Adachi, CEO & Co-Founder) manages and runs the Philippines’ premier innovation conference “IGNITE” in collaboration with dentsu X, a subsidiary of Dentsu Inc. and a provider of integrated media planning, branding, and marketing services. Furthermore, TECHSHAKE operates media platforms, matches startups with established companies and investors, and provides essential support for startups to thrive. 

TECHSHAKE is committed to fostering a global environment for business development in the Philippines.

TECHSHAKE is dedicated to nurturing the startup ecosystem in Southeast Asia by connecting entrepreneurs with the necessary resources and networks to succeed. With a strong presence in the Philippines and extensive experience in supporting startups, TECHSHAKE aims to bridge the gap between Southeast Asia and global markets.

Mirai Works (Nagaharu Okamoto, CEO & Co-Founder) is driven by a mission to empower individuals to embrace challenges that shape the future of Japan. Their vision is to cultivate an ecosystem where professionals thrive, regardless of traditional work structures. They are developing a business to provide opportunities for professionals to navigate changes throughout their careers and to support them in the midst of diverse career paths, including independence, entrepreneurship, side businesses, and full-time employment. 

Mirai Works’ initiatives aim to provide resources for individuals to succeed in an evolving work landscape, fostering innovation and growth.

In May 2023, Mirai Works launched “Booster,” (https://booster.mirai-works.co.jp/) a startup support platform aimed at empowering professionals to start and scale their businesses. Booster facilitates growth through acceleration programs, providing information regarding startup ecosystem events and pitch competitions, and personalized mentorship, ensuring startups have access to critical resources for success.

In this collaboration, TECHSHAKE will leverage its expertise and network to support Japanese startups looking to enter the Southeast Asian market. Mirai Works, known for its professional human resource services and startup support platforms, will enhance TECHSHAKE’s efforts by providing hands-on support in various aspects of business promotion. This partnership underscores Mirai Works’ commitment to facilitating cross-border collaboration and growth opportunities for startups in Japan and Southeast Asia.

Details of Cooperation

Not only does Mirai Works support startups registered with Booster, but it also offers a service called “Free Consultant,” (https://freeconsultant.jp/) a freelancer business matching platform. Through Free Consultant, Mirai Works plans to connect highly skilled professionals with Southeast Asian startups supported by TECHSHAKE. Mirai Works provides hands-on support in various aspects of business promotion, including management strategy planning, marketing and PR, IPO preparation, and M&A activities, to drive business growth. Furthermore, Mirai Works will collaborate with TECHSHAKE to hold acceleration programs and offer support for overseas expansion.

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TECHNOLOGY

Last Call for Entries to the OPPO imagine IF Photography Awards 2024

8:59 p.m. July 15, 2024

OPPO today issued a last call for entries to the OPPO imagine IF Photography Awards 2024. Since the competition was launched on January 17, over one million submissions have been received from 73 countries and regions, each showcasing a vibrant tapestry of cultures and traditions from around the world. As the global submission deadline approaches on July 28, OPPO is calling on photography enthusiasts to seize the final opportunity to capture spectacular moments through the lens of their cameras and collectively demonstrate the power of mobile imaging.

imagine IF Campaigns Gather Inspiring Work from around the World

Since inaugurating the competition at the start of the year, OPPO has initiated a series of themed activities aimed at encouraging its global user base to use the power of images to expand their imaginative boundaries. From May to July, coinciding with Mother’s Day and the beginning of the summer season, the ‘Road to Paris’ campaign invited users to portray the grace of mothers and capture the excitement of sport through the photographic lens for the chance to win a spot at Paris Photo 2024. The ‘In Sync with the World’ campaign meanwhile sought images that portrayed exploration around the world. Across both campaigns, the wide breadth of entries received showcased strong and emotive works that help to foster exchange and understanding between different cultures.

Photo 1 Shot by Isthisreal; Photo 2 Shot by Andrewoptics; Photo 3 Shot by Shisan and Petrichor

Celebrating Culture in All Its Diversity

Many of the entries submitted so far this year have seen participants from around the world showcase the unique landscapes and traditions of their home countries through stunning photographs. From the lively coastal life of Rio de Janeiro to the profound natural wonders of the Amazon rainforest, each image offers a portal into a new world for audiences to step into.

Alongside the main OPPO imagine IF Photography Awards, OPPO has also collaborated with Discovery Channel to showcase the diversity and allure of world cultures through the ‘Culture in a Shot’ program. Kicking-off in June in northern Thailand, the program has so far seen OPPO capture traditional crafts and musical instruments in a series of captivating images that bring the region’s rich and colorful cultural heritage to global audiences while advocating for deeper cross-cultural exchange.

Shot by Jerome Teo

Share Your Imagination for the Chance to Win Incredible Prizes

Entries for the OPPO imagine IF Photography Awards 2024 remain open until 24:00 (UTC+8) on July 28. Submission to this year’s competition will be judged by a prestigious global judging panel that includes the likes of contemporary photography icon Steve McCurry, together with National Geographic Photographer Michael Yamashita, Hasselblad Master Tina Signesdottir Hult, Magnum Photos member Alec Soth, and OPPO Senior Vice President and Chief Product Officer Pete Lau. A series of exciting awards are on offer to all participants, including individual prizes of up to USD24,000 and the chance to have their work exhibited at Paris Photo 2024.

Schedule and Prizes of OPPO imagine IF Photography Awards 2024

More than just a photography competition, the OPPO imagine IF Photography Awards is a platform for cultural exchange and creative inspiration. All photography enthusiasts are invited to take part and share moving moments that ignite inspiration and imagination through the global platform. To learn more about the OPPO imagine IF Photography Awards and to submit an entry, please visit the official website at https://imagine-if.oppo.com/en/.

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TECHNOLOGY

ZTE CEO Xu Ziyang at MWC Shanghai 2024: Ingenuity for Solid Foundation, Openness for Win-Win

10:20 p.m. July 12, 2024

ZTE Corporation (0763.HK / 000063.SZ), a global leading provider of integrated information and communication technology solutions, announced today that the company’s CEO, Xu Ziyang, has delivered keynote speeches at both the “AI First” session and the GTI Summit themed “5G-A×AI” at MWC Shanghai 2024. Mr. Xu shared ZTE’s practices and innovations in intelligent digitalization amidst the AI wave.

In his keynote speech at the “AI First” session, Xu Ziyang shared insights under the theme “Ingenuity for Solid Foundation, Openness for Win-Win.” He emphasized that while the world has already entered an AI-driven industrial revolution, the development of generative AI faces challenges that extend from hallucinations, security, and ethics, to computing power, energy consumption, datasets, standardization, and commercial applications. To address these challenges, ZTE proposes three major principles: openness and decoupling, computing and network evolution, and training and inference enhancement.

Centered on customer value, ZTE provides a full-stack and full-scenario intelligent computing solution encompassing computing power, networks, capabilities, intelligence, and applications. This establishes a robust foundation through technical expertise and fosters innovation through collaborative partnerships, aimed at empowering various industries in their digital transformation. By continuously injecting momentum into high-quality economic development, ZTE plays a pivotal role in shaping a brighter future in the AI era. 

At the GTI Summit during MWC Shanghai 2024, Xu Ziyang participated in the GTI-GSMA 5G-A×AI cooperation signing ceremony and delivered a speech titled “Computing and Network Evolution Towards an Intelligent Future.” He detailed the transition from traditional industrialization to new industrialization, addressing core challenges, proposing solutions, and citing practical cases. The critical pathway involves breakthroughs in core digital and intelligent technologies, enhancing infrastructure efficiency and capability, and deeply integrating industry expertise. This accelerates the convergence of digital and physical realms, enhances production and transaction efficiency, and establishes agile, resilient organizations prepared for an uncertain future.

According to Mr. Xu, ZTE advocates focusing on four dimensions – digitalization, networking, intelligence, and low-carbon initiatives – to tackle current challenges and drive continuous innovation and development. The company promotes openness and decoupling, unleashing superior computing with advanced networks, enhancing intelligence capabilities, and driving business growth through green initiatives, with a strong commitment to vigorously supporting the healthy and sustainable development of the industry chain, fostering a thriving digital economy.

Below is the original text of Xu Ziyang’s speech titled “Ingenuity for Solid Foundation, Openness for Win-Win”:

Good day, everyone. It’s an honor to be invited to speak here at the MWC Shanghai. Today, I’d like to share ZTE’s insights and practices under the theme of “Ingenuity for Solid Foundation, Openness for Win-Win”.

Embracing Changes and Promoting Intelligent Evolution

Over the past year, large language models and generative AI have accelerated the transformation towards an increasingly digital and intelligent world. With the rapid emergence of new technologies and products, new business scenarios and models are also gaining momentum. Although generative AI is still in the early stage, there is a growing consensus that the world has already entered an AI-driven industrial revolution. AI will have disruptive and far-reaching impacts on all aspects of production and life, and significantly reshape the global economic landscape. According to forecasts by a consulting firm, by 2030, AI will boost China’s GDP by 26% and North America’s by 14.5%. This is equivalent to USD 10.7 trillion and accounts for almost 70% of the global economic impact. Apparently, AI will bring unprecedented business opportunities in various sectors such as retail, financial services, and healthcare.

Apart from issues concerning hallucinations, security, and ethics, the development of generative AI also faces challenges in terms of computing power, energy consumption, dataset, standardization, commercial application, etc. Therefore, advancements in multiple areas are required. As such, ZTE proposes three major principles: computing and network evolution, training and inference enhancement, openness and decoupling.

First, to break through technology bottlenecks, it’s crucial to strengthen research on architectures, algorithms, computing networks, and hardware-software synergy, thus improving AI training and inference efficiency. Second, various solutions such as Retrieval-Augmented Generation (RAG) and AI agents should be employed to ensure reliability, security, and interpretability, thereby facilitating the widespread application of large models and higher value creation, and building a data flywheel that improves both capabilities and business efficiency. Finally, accelerating standardization through openness and decoupling will help build a thriving industrial and commercial ecosystem.

Building a Highly-Efficient Foundation Through Computing and Network Evolution

To begin with, we emphasize computing and network evolution to build a highly-efficient foundation. For intelligent computing, high-speed network connections are not just vital but also indispensable. From die-to-die connectivity to interconnects of chips, servers, and data centers, continuous innovation and breakthroughs in network technology will greatly enhance the performance and efficiency of intelligent computing.

More specifically, Die-to-Die (D2D) emphasizes high-speed interconnects between bare dies in a single package. Combined with the full series of in-house parallel and serial D2D interface IPs, as well as the advanced 2.5D and 3D packaging technologies, our solution enables heterogeneous integration and disaggregation. To a certain extent, challenges arising from the slowdown of Moore’s Law and constraints in manufacturing can be effectively mitigated. We have developed chip architectures that enable heterogeneous computing and network processing, which in turn deliver enhanced performance and cost efficiency.

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