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A Singapore tech start-up has set its sights on combating everyday scams, such as fraudulent ticketing schemes, after receiving financial backing from the venture firm of US digital identity specialist, Okta.
Accredify is aiming to help protect against fake concert tickets and certificates. The firm began life five years ago, and during the COVID-19 pandemic helped healthcare firms to issue tamper-proof certificates essential for travel.
The firm will fight the everyday scams through the issue of verifiable credentials.
“One of the next steps for us is to solve the big problems that touch citizens’ lives: To prevent scams and fraud in e-commerce, ticketing and news dissemination,” Quah Zheng Wei, co-founder and chief executive officer of Accredify, told The Straits Times.
In 2021, Accredify supported healthcare providers in issuing tamper-resistant digital health memos, after fake versions were found in Europe. The memos could be verified and authenticated through QR code scanning, and were needed to restart safe travel.
Accredify’s technology is based on blockchain and a major selling point is that the transaction information recorded cannot be forged. The ownership of digital goods like concert tickets can also be encrypted on a blockchain, and validated when resold.
Between January 1 and the middle of March this year, more than 1,500 Singapore residents had been the victim of a scam for Taylor Swift concert tickets.
Swift played six shows at Singapore’s National Stadium last month as part of her global Eras Tour.
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