Touch ‘n Go eWallet Successfully Implements 5 New Safety and Security Measures
Mar 6, 2023
Touch ‘n Go eWallet is pleased to announce that it has successfully implemented all 5 mandatory safety and security measures imposed by the Bank Negara Malaysia to combat scams, 4 months before the given deadline, and ahead of banks and other eWallets in Malaysia.
“At Touch ‘n Go eWallet, our growing users are our largest asset. With the continuous rise of financial scams and security breaches involving eWallet and bank transactions, keeping our users’ online accounts safe and secure has become our primary concern,” said Alan Ni, Chief Executive Officer of TNG Digital Sdn Bhd.
“In order to strengthen our existing safety and security functions and to help protect our users from fraudulent activities, we have voluntarily committed ourselves to fully implementing all 5 safety and security measures into our ecosystem.”
“We announced our commitment in November 2022, with the aim of implementing the 5 key safety and security measures by the first quarter of 2023. Today we are pleased to announce that we have successfully implemented these measures within our set timeframe, and ahead of the June 2023 deadline,” Ni added.
The first of the five key measures are the migration from using a SMS one-time password (OTP) to a more secure authentication method. Touch ‘n Go eWallet has implemented face verification as a method of authentication when users login to their eWallet app, change their eWallet PIN, perform transactions or make payments with the eWallet, and perform reloads to their eWallet.
The second measure is the tightening of fraud detection rules and triggers for the blocking of suspicious transactions. Transactions of a certain threshold or any abnormal activity and suspicious behaviour observed on a user’s account will be limited or blocked. An email alert will be sent to the users should their transactions go over the set limit.
Thirdly, the authentication of electronic banking transactions is now restricted to one mobile device or secure device per account holder. Touch ‘n Go eWallet has introduced TapSecure as a mandatory one-tap approval function to authenticate users’ transactions. The TapSecure approval ensures that only a user’s linked device can be used for the approval of transactions within the user’s eWallet account.
Also, in place is a verification and cooling-off period for first-time enrolment of services, secure device, or profile documents with a risk-based approach. Essentially, a cooling-off period means that when users log in to their Touch ‘n Go eWallet from a new device with a less secure authentication method, it will trigger a set of risk-based conditions where the user will be limited to a certain amount for top-ups or payments up to 48 hours. Any top-up or payments above the limit will be automatically rejected.
Touch ‘n Go eWallet has also established a dedicated customer service channel or hotline for incident reports and suspicions of scams and fraud. Touch ‘n Go eWallet is the first eWallet to be a part of the National Scam Response Centre. A consumer hotline manned by a dedicated fraud operations team has been set up specifically to attend to fraud or scam cases or queries. Users can contact the hotline number at +603 5022 3888 and select “4” for “Fraud” to make a report.
In recognition of its position as Malaysia’s No.1 eWallet, Touch ‘n Go eWallet was recently awarded the Platinum Award under the e-Commerce category at the Putra Brand Awards 2022. The company also received two awards, Fintech – Financial Services (GO+) and Fintech – Payments in the Malaysia Technology Excellence Awards 2022 from Singapore Business Review for its commitment 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. Adding to the accolades, Touch ‘n Go Group 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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