Leaders of Buymed and SHIELD sign a co-operation agreement to strengthen fraud management in the healthcare sector. — Photo Courtesy Buymed
Leading healthcare marketplace platform Buymed, and SHIELD, a device-first risk AI platform, signed a co-operation agreement in HCM City on Thursday to strengthen fraud management in the healthcare sector.
In this strategic collaboration, the two companies are set to deploy SHIELD's Device Intelligence solution as the primary defence mechanism for Buymed against fraudulent activities. The initiative aims to safeguard consumers, pharmacies, and pharmaceutical companies from threats that could compromise the supply chain and quality of vital medical products.
Buymed has played a key role in providing access to high-quality medical products for patients and consumers across the region by connecting pharmaceutical manufacturers, distributors, and clinics. However, deceptive practices such as fake accounts, counterfeit products, and inventory hoarding pose significant risks to the healthcare ecosystem.
Through the utilisation of SHIELD’s Device Intelligence solution, Buymed effectively eliminates counterfeit accounts and products, enhances the capability to identify users with multiple accounts by up to 190 per cent, and ensures a continuous flow of superior medical supplies.
“Protecting the quality and availability of pharmaceutical products is critical for Buymed’s success,” said Hoàng Nguyễn, CEO of Buymed.
“Our partnership with SHIELD forms a crucial first line of defence against fraud, helping us ensure fair access to medical supplies while maintaining our platform’s integrity and trustworthiness without infringing on personal data. With SHIELD as our partner, we can confidently expand into new markets."
Traditional fraud prevention methods typically involve accessing users' personal data for security reasons, which necessitates providing detailed personal information for identity verification or transactions. However, Buymed is taking a different approach with a new solution that aims to eliminate fraudulent activities and counterfeit accounts at the source without requiring personally identifiable information.
Using SHIELD Device ID, a feature founded on global device identification standards and real-time comprehensive user behaviour analysis, Buymed can swiftly identify and prevent fraudulent activities before they cause harm. These strategies enable Buymed to proactively address fraud risks, ensuring it remains the most trusted e-commerce platform in Việt Nam's healthcare industry.
Established in 2018, Buymed is currently collaborating with over 1,000 partners, including major national and international pharmaceutical corporations, to ensure a consistent supply of quality products with verified origins. They distribute medicine and medical supplies to 35,000 pharmacies, clinics, and hospitals nationwide. — VNS