TnG eWallet commits to Bank Negara’s new measures to fight financial scams – first, only e-wallet to do so

TnG eWallet commits to Bank Negara’s new measures to fight financial scams – first, only e-wallet to do so

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 imposed on 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:

  • Enhance security by adding more authentication methods to complement current methods
  • 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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Originating from the corporate world with a background in finance and economics, Gerard’s strong love for cars led him to take the plunge into the automotive media industry. It was only then did he realise that there are more things to a car than just horsepower count.

 

Comments

  • v-etc fan on Nov 16, 2022 at 12:13 pm

    Past few week I received a email kata my tng wallet password kena reset so email (not from tngdigital.com) asking me to click a link to confirm it. Very suspicious email…so send screenshot email to tng cs if this is legit ke x… yg I begang tng cs reply merepek… langsung not helpful…Lucky I didn’t click the link.

    Like or Dislike: Thumb up 3 Thumb down 0
    • KP Ho on Nov 16, 2022 at 2:15 pm

      I believe TnG has been selling customers detail and worst credit card detail has been stolen. Friends and relative around me has reported some credit card charged by 3rd party, and all of them are using the credit card from different bank reload their TnG. Most recent was my wife case where she only use that credit card just reload TnG e-wallet. So TnG please make sure you really meant what you have proposed to us.

      Like or Dislike: Thumb up 3 Thumb down 0
  • I believe TnG has been selling customers detail and worst credit card detail has been stolen. Friends and relative around me has reported some credit card charged by 3rd party, and all of them are using the credit card from different bank reload their TnG. Most recent was my wife case where she only use that credit card just reload TnG e-wallet. So TnG please make sure you really meant what you have proposed to us.

    Like or Dislike: Thumb up 2 Thumb down 0
 

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