As part of its ongoing efforts to enhance protection and security for its users’ accounts, Touch ‘n Go eWallet has committed to incorporating the five key measures which have been recently imposed on banks by Bank Negara Malaysia to combat financial scams. With the recent rise in serious security matters involving eWallet and bank transactions, the safety and security of their online accounts have become a primary concern amongst the general public when they use their eWallet and other digital channels to make purchases and transactions.
Being a start-up and a non-bank provider, Touch ‘n Go eWallet has come forward to volunteer as the first and only eWallet in Malaysia to incorporate the new safety and security measures, ahead of the others. Touch ‘n Go eWallet will implement these five strategies by the first quarter of 2023:
- Enhance security by adding more authentication methods to complement the current methods;
- Tighten fraud rules and block 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; and
- Have a dedicated customer service channel/hotline for incident reports and suspicions of scams and fraud.
Once in place, these security standards are expected to further reinforce safeguards against fraudulent transactions, and in the process strengthen the confidence and trust amongst Malaysians, merchants, and eWallet communities with regards to the safety and security of Touch ‘n Go eWallet.
Furthermore, with the recent increase of scams reported, the Malaysian government has set up a National Scam Response Center to streamline coordination between agencies for a rapid response towards online financial scams, and Touch ‘n Go eWallet is the first eWallet to be a part of the National Scam Response Center.
According to figures from Bursa Malaysia, losses from reported scams amounted to RM5.2bil over a two-year period during the Covid-19 pandemic. And there were many more that went unreported.
TNG Digital Sdn Bhd Chief Executive Officer Alan Ni said: “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.”
In recognition of its position as Malaysia’s No.1 e-wallet, Touch ‘n Go eWallet recently received two awards, Fintech – Financial Services (GO+) and Fintech – Payments in the Malaysia Technology Excellence Awards 2022 from Singapore Business Review for itscommitment to transforming Malaysia into going cashless and bringing financial inclusion to all. Touch ‘n Go eWallet was also recognised as the Best eWallet in Malaysia at the 16th Annual Alpha Southeast Asia Best FI Awards 2022. Touch ‘n Go Group also received the Company of The Year Award, Fintech and Digital Payment Services for community well-being initiatives at the Sustainability & CSR Malaysia Awards 2022.
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