Touch ‘n Go eWallet has announced its commitment to fulfill new measures to combat financial scams issued by Bank Negara Malaysia (BNM). With over 18.5 million users on the platform as of October 2022, the company taking the initiative to ensure the safety and security of online accounts considering the recent rise in serious security matters involving e-wallet and banking transactions.
While BNM’s measures are primarily aimed at the banking industry, Touch ‘n Go eWallet, which is a non-bank digital payments and financial services provider, chose to volunteer itself to incorporate the new measures ahead of other e-wallet providers.
According to the company, it will implement five strategies by the first quarter of 2023, well ahead of BNM’s instruction to banks to comply by June 2023. The strategies include:
- Migration from SMS OTP (one-time password) to a more secure authentication method
- More stringent fraud rules and blocking of suspicious transactions
- Verification and cooling-off period for first-time enrolment of services, secure device or profile document
- Restrict authentication of e-transactions to one mobile device or secure device per account holder
- Have a dedicated customer service channel/hotline for incident reports and suspicions of scams and fraud
Once these strategies in place, Touch ‘n Go says the higher security standards are expected to reinforce safeguards against fraudulent transactions, and in the process, strengthen the confidence and trust of Malaysians have in the platform. It added that Touch’ n Go eWallet is the first e-wallet provider to be part of the National Scan Response Center set up by the Malaysian government.
Data from Bursa Malaysia revealed that losses from reported scams amounted to RM5.2 billion over a two-year period during the Covid-19 pandemic, and there were many more that went unreported.
“Touch ‘n Go eWallet places great emphasis on privacy and security features to safeguard our users’ interests. We believe that the measures we have put in place will give our users peace of mind that the money in their eWallet is protected and every transaction they make is safe and secure. We hope this will bring us closer to more Malaysians as they use Touch ‘n Go eWallet in their everyday lives, in line with our vision of building a more financially literate society,” said Alan Ni, CEO of TNG Digital.
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