KUALA LUMPUR: Touch 'n Go eWallet has successfully implemented 5 safety and security measures due to the concerns of rising scams, 4 months earlier than the supposed deadline set by Bank Negara Malaysia (BNM).
Touch 'n Go Digital's chief executive officer, Alan Ni, said their mission is to enable Malaysians to transact and do payments conveniently, as well as safely.
"Three months ago, Bank Negara announced the 5 anti-fraud measures which every bank needs to comply with by the end of June 2023. We've decided to come forward and voluntarily commit ourselves to implementing the measures into our ecosystem. Today, we are proud to announce that Touch 'n Go eWallet has become the first and only financial institution to have fully implemented the 5 safety and security measures," he added.
Being the first eWallet in committing to fulfilling the new security & fraud prevention measurement, Touch 'n Go eWallet has implemented five strategies which are:
*Migrate from an SMS one-time password (OTP) to a face verification method.
Touch 'n Go eWallet has implemented the face verification method for when users log in to their eWallet app, change their eWallet PIN, make payments or transactions, and reload with the eWallet.
*Tighten fraud rules and block suspicious transactions.
Transactions of a certain threshold or any abnormal activity and suspicious behaviour on an account will be limited or blocked. An email alert will also be sent to the users as their transaction goes over the limit.
*Restrict authentication of eTransactions to one mobile device or secure device per account holder.
Touch 'n Go has introduced the TapSecure as a mandatory one-tap approval function to authenticate users' transactions. It ensures only a user's linked device can be used for the transaction approval within the user's account.
*Verification and cooling-off period for first-time enrolment of services, secure device, or profile document.
This measure applies to the first-time enrolment of services, secure devices, or profile documents with a risk-based approach. This means, when users log in to their Touch 'n Go eWallet from a new device with a less secure authentication method, it will trigger risk-based conditions for users to be limited to a certain amount for top-ups or payments up to 48 hours. Those above the limit will be rejected.
*A dedicated customer service channel/hotline for incident reports and suspicion of scams and fraud.
There is also a dedicated customer service channel or hotline for incident reports as well as scams and fraud suspicions. Users can contact the hotline number +60350223888 and select '4' for 'Fraud' to make a report.
Go to: https://www.touchngo.com.my/policies/safetyandsecuritymeasures/