My LINE account hacked

I am one of the victims whose LINE account was hijacked. The "hacker" randomly messages my friends to buy itunes gift cards. What surprises me was that the "hacker" is not a computerized system but an active person talking and pretending to be me, leading my friends to believe that it is me who is in need of some stupid itunes credits which I don't use. My phone is an android. Some close friends text me via other means to find out if it is actually me and thank goodness for doing that.

I tried to report and delete my account, but an error message will always popped out. The "hacker" apparently hijacked my user ID and I have no longer access to it. I tried to disable the app and install again and recreate an ID with the same email and handphone. I could create an account and subsequently delete the account. However, I believe it is a different ID, as my husband and some friends were still receiving messages. My husband tried to play along and replied "why shd I buy", "for what"... etc, yet the hacker who was responding was quite persistent and even used cute pouty emoticons to try to convince him to get. Isn't it crazy?

I had no choice but to use my facebook to reach out to as many of my contacts that my account was hacked. However, still I didn't managed to inform all. I have an office intern who was still cheated a total of $3000 (first a $1000, then $2000), thinking it was me. I'm so mad that these evil hackers are preying on innocent kind people. I hope they have their retribution for being so evil.

For those who have no idea still I am taking about, please refer to the news published a few months back:

Several LINE accounts compromised, contacts tricked into buying gift cards, by Channels Newsasia

33 Cases of scams involving iTunes gift cards through mobile messaging platform LINE have been reported to police since Sep 2014. by News Asiaone

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Follow-up on the above posting (dated 17 Oct):

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I lodged a complaint to LINE. To my astonishment, instead of admitting wrong, LINE still claimed that their system is full proof. Here's their exact words..."There is no way that any LINE account information(phone number, account name, LINE ID, registration email address, password, etc.) was leaked." They claimed that it is lost due to other websites... geeesh...

This is the end of LINE if they continue with this way of handling customer service.. This is a typically example of "not knowing what one doesn't know"... still has the cheek to push blame...

Next Big Wave: Digital Health

Recently, I read up on the growing Digital Health space. Rock Health has shown that venture investment in digital health space has outpaced most sectors such as software, biotech and medtech. Start-ups that help the medical community better manage payments from patients and insurance companies and companies that develop programs to help people purchase health care insurance or find medical professionals and services received hundreds of millions of investments last year.

Credits to RockHealth

As what Wikipedia has described, “Digital health is the convergence of the digital and genetics revolutions with health and healthcare with the goal of reducing inefficiencies in healthcare delivery, improving access, reducing costs, increasing quality, and making medicine more personalized and precise.”  However, the lexicon of Digital Health covers a wide area, not limited to Mobile Health, Wireless Health, Health 2.0, eHealth, Health IT, Big Data, Health Data, Cloud Computing, e-Patients, Quantified Self and Self-tracking, Wearable Computing, Gamification, Telehealth & Telemedicine, Precision and Personalized Medicine, and Connected Health. Interestingly, it is also includes Digital Health Insurance.

Credits to Nuviun

Incumbents in the health insurance market are facing increased competition from new entrants using digital innovations. There are a few start-up companies which are worthy of mentioning:

1)  Oscar Insurance (www.hioscar.com)

Based in NY, the company is focusing on a more “humanized healthcare” B2C system by utilizing technology, design and data. Founded by three HBS alums, they have already raised approximately $70 million from venture capitalists (including Thrive Capital, Founders Fund, General Catalyst, Khosla Ventures, Red Swan and several HBS Professors. Oscar Insurance has very strong negotiation team for investment: Billionaires Jim Breyer (Breyer Capital) and Stanley Druckenmiller, Founders Fund, General Catalyst Partners, Khosla Ventures and Kushner’s own Thrive Capital. Oscar, just a year old, has already more than 16,000 customers who pay an average of $4,500 in annual fees (Revenue at around $72 million) and amassed relationships with more than 83 hospitals. With a valuation of $800 million, investors are putting a frothy 11x sales multiple on the company. Quoted from Scholsser (one of the founders), “Like Google, you can come use Oscar. You can type in your issue and we will help you find the best solution.

2)  Zenefits (www.zenefits.com)

Based in California, the company is brokering health insurance deals for its customers. It has since raised $83.6 million with the most recent Series B round of $66.5 million led by Andreessen Horowitz (June 2014) at a valuation of $500 million. and has grown from 15 employees to 220 since late last year. The company has signed up 2,000 small businesses that employ a combined 50,000 workers in just its first year of operation. Compared with Oscar Insurance, Zenefit is seemingly less aggressive B2B2C business model.

3)  ConnexionsAsia (CXA) (www.cxagroup.com)

Based in Singapore, the company builds a platform and network to transform employer’s healthcare expenditure into a benefits and wellness program for its employees. It is growing aggressively in growing its customer base through acquisition of Pan Group. At a pre-Seed stage, it has already more than 800 clients and generating more than $6 million revenue. Unlike Oscar and Zenefits, CXA is building its presence across Asia with plans to expand to 11 countries in Asia.

CMFAS Module 5, 9, HI

Having taken many exams (Bachelor of Chemistry, MBA, Cosmetic Science), I decide to take on another challenge that I have no relevant experience in: CMFAS. CMFAS stands for Capital Markets and Financial Advisory Services, of which the exam requirements apply to individuals who wish to provide any of the following types of financial advisory service, which is regulated by Monetary of Singapore (MAS). Module 5, 9, HI are recommended for starters.

I tried to find out if it is better to take up courses. But I decided to just sign up for the exam and self-study the textbook (Ver 4, Printed 2011, 367 pages) which is provided by the Singapore College of Insurance.

When I went down to Suntec to collect the textbook, I was a little shocked by the thickness and amount of readings I need to make within 2 weeks before the exam. I felt a little better when I read from another blog that the exam is much easier, but I shouldn't be complacent. Each modular exam costs about $130 and I should aim to pass it 1st try.

I shall update later when I completed my exam.

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Follow-up on the above posting (dated 14 Oct):

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I passed my Module 5 exam in the first sitting on 10 Oct. Many questions are quite logical which doesn't require to read the textbook. However there were a significant number of questions which required some level of memorizing from the textbook, e.g. Which of the following is a strategy of Outcome One of Fair Dealing ? This type of questions would be hard to just plainly use logic. There were one or two questions which require you to calculate the performance fees (such as calculating based on fulcrum fee or high water mark arrangement).  There is no need for a calculator as one can use estimation to eliminate or determine the right answer. Important is to understand the principles behind these methods. 

I am glad I have finished it and managed to get partial subsidy from Union Training Assistance Programme (UTAP) as I am a NTUC Union member. Next up, I will be taking the Health Insurance (HI) module. which I will be taking on 24 Oct. 

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Follow-up on the above posting (dated 24 Oct):

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I passed my Health Insurance exam. Pretty much easier with only 50 questions (half that of Module 5). At least at the end of the exam, I do not feel that my brain is drained. There are about 5 questions that require calculation. If you understand some of the examples given in the textbook, these should not be a problem. 

Next up, i will be taking my Module 9 paper on 7 Nov.

How to get started?

Many people have entrepreneurial dreams. But starting a business just seems to be a rather mysterious process, especially for those who have yet started. There are roadblocks, inertia, fear of the unknown and failure. Maybe out of a million people with ideas, only half a million actually start a business, and probably only 10% of these group actually survive the first year. Then again, I have witnessed how some of my friends have succeeded and become multi-millionaire at age less than 30.

I spoke to my mentor Mr Yeo Keng Joon lately. He is an active NUS MBA Alumni and has his own business. According to him, starting out on his own was not a difficult decision. He was versed in the industry due to his previous job. He knew what the market needed and he just aimed to do it better. His advice to me was not to jump into starting a business, but keep my eyes open to opportunities.

Sometimes I wonder what it takes to even take the first step. I have heard a funny analogy.. "Instead of jumping into a swimming pool full of water, what don't we just go into an empty swimming pool and fill the swimming pool with water over time?" It is the same debate on whether one should build experience first or just start a business straight after school. Entrepreneurs would need the right attitude to be prepared to fail and persevere through the hard times. It is the process and experience that matters. It helps that the business is build around what you know so that less resources is needed to acquire the knowledge, eliminating consultants and outside assistance.

In both a casual conversation with Mr Lim Ker Han, director of a chain of beauty salons in Singapore, and a talk by Mr Allan Lim from Nestle,  I understood the importance of the ability to make pitches. The ability to effectively communicate ideas to relevant stakeholders (management, customers, suppliers, investors) is an important skill to have. Every startup team would need someone who can pitch amazingly well.

There is this thing called the Sweat Equity, which is an accumulative value of the business that was build upon from days of hard work. Far more important than money is the investment of time to make sometime meaningful. An example was how Brett Kelly wrote a guide for Evernote software with the aim to take $10,000 over a year. But ended up making more than $100,000.

Recently, I went through a simple process of "Ideation to Validation" with 2 of my MBA friends. We came up with the idea called Journey Pal to target daily commuters who will be delighted to have an auto-notification for bus/train arrival times. We turned a general idea into a specific idea by narrowing the scope of who is likely going to use the app and how revenue could be made. We fan out some surveys and receive more than n>30 responses, which further validated there is a need for it. Excited as we were, we pitched to SMRT personnel during a Hackathon event. However, the idea was so good that SMRT is currently doing it in-house and is undergoing a beta-testing phase. Well, it was an interesting journey I had and I believe such process will be iterated many times in our quest to start a business.

There is this video which I would like to share and remind myself not to get fixated about getting the best idea and keeping it secretive. Some key pointers:
1) Ideas don't matter. Execution does.
2) Share you ideas to gain valuable feedback and create a social contract that holds you accountable.
3) Put yourself in a position where you feel as much pressure as possible by telling as many people as you can about your ideas.
4) Can I do something meaningfully different or better than others?

The Fallacy of the "Good Idea": Ideation - How to Start A Business

The Next Decade by George Friedman

It has been a while..., busy working and part time studying. It was a pursuit of paper qualifications to pass time and meet new friends. Still, there is a sense of accomplishment for sticking through and completing my MBA and Specialist Diploma in cosmetic Science. What will be next? I have no thoughts about it. For now, i am just relaxing in one corner of my room and reading a great and thought-provoking book by George Friedman.