YouTrip assists the Singapore Police Force to Uncover Credit Card Fraud

 - February 13, 2019 - Multi-currency mobile wallet, YouTrip, has taken a
stand against financial fraud by assisting the Singapore Police Force in
uncovering a case of syndicated credit card fraud.


Over 85 fraudulent
credit card transactions were flagged by YouTrip's Fraud Monitoring System. The
Singapore Police Force has arrested and charged 4 individuals with syndicated
credit card fraud with another 15 individuals currently under investigation for
related offences.


Investigating & tracing transaction patterns using
Data Analytics

Throughout late
December and January, YouTrip's Fraud Monitoring System, which traces and
detects early signals of suspicious transactions, flagged two key signals:


  • Signal 1: High top-up amount followed by
    immediate purchases or cash withdrawals to deplete the account balance
  • Signal 2: High frequency of failed top-ups
    with incorrect credit/debit card credentials


The combination of
these two key signals and various data analytics techniques led to the
identification of a specific group of users who exhibited both of such


A special task
force made up of Fraud Monitoring specialists and Engineers was immediately set
up to further uncover more transactions and usage signals that have a high
correlation to potentially fraudulent activities. These include concentration
on common merchant names (e.g. overseas ATM locations), common transaction
locations, chargebacks and reports from members of the general public.


YouTrip handed
over conclusive findings to the police to expedite investigations. This information
included 18 individuals suspected of fraudulently obtaining information on more
than 85 bank credit or debit cards to top up YouTrip accounts. These accounts
were immediately suspended.


Enhancing our security measures

investigations were underway, YouTrip rolled out a security update last week
that requires mandatory OTP verification via SMS (to be sent by your credit
card issuing bank), whenever a new credit or debit card is added for the first
time on the YouTrip app.


This helps to
further eliminate cases of fraudulent use such as to perform top-ups on YouTrip
accounts using stolen credit or debit cards, in addition to the existing fraud
monitoring systems and customer due diligence processes.


Security Update:
mandatory OTP verification via SMS when adding bank credit/debit card on
YouTrip App


"Fraud prevention
and security will continue to be YouTrip's core mission to our users. We will
continue to work closely with the authorities and community to ensure a secure
and seamless payment experience for all YouTrip users," said Mr Kelvin Lam,
Country Manager (Singapore), You Technologies Group.


The case is
currently under litigation and YouTrip is working closely with the authorities
in the ongoing investigations. YouTrip will be working with the relevant
institutions to ensure a proper arrangement for affected individuals in this


YouTrip users can
rest assured to use YouTrip as per normal, as the suspicious activities have
been contained to the current identified suspects. Users can reach out to
YouTrip's  customer support team at [email protected],
if they detect any suspicious activities in their accounts.


Read the full story




YouTrip is a
multi-currency mobile wallet with a contactless Mastercard prepaid card issued
by EZ-Link in collaboration with You Technologies Group, which enables users to
pay with no fees in over 150 currencies worldwide. Users can pay at more than
30 million Mastercard merchants across the world, and also monitor live foreign
exchange rates and store up to 10 selected currencies (SGD, HKD, JPY, AUD, NZD,
EUR, GBP, CHF, USD and SEK) in their wallet at wholesale exchange rates with no
additional fees.


About You Technologies Group Ltd


You Technologies
Group is a leading financial technology group that operates and develops
YouTrip, a mobile multi-currency wallet issued with a contactless Mastercard.
Operating in the Asia Pacific region, You Technologies Group focuses on
building a revolutionary mobile-only platform for consumer banking and finance,
empowering individuals across Asia with a simpler and smarter way to manage
their money. You Technologies Group partnered with EZ-Link and Mastercard to
launch YouTrip in Singapore in August 2018.

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