Touch ‘n Go eWallet implements five new safety and security measures
By Digital News Asia March 9, 2023
- Security measures implemented ahead of June 2023 deadline
- Claims to be 1st eWallet to be part of National Scam Response Centre
Touch ‘n Go eWallet announced that it has successfully implemented all five mandatory safety and security measures imposed by the Bank Negara Malaysia to combat scams, four months before the given deadline, and ahead of banks and other eWallets in Malaysia.
Alan Ni, CEO of TNG Digital Sdn Bhd said 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,” he added.
“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 five safety and security measures into our ecosystem,” Ni said.
He added that the company announced its commitment in November 2022, with the aim of implementing the five key safety and security measures by the first quarter of 2023 and is pleased to announce that it has implemented these measures within our set timeframe, and ahead of the June 2023 deadline.
According to Touch ‘n Go eWallet, the first of the five key measures are the migration from using a SMS one-time password (OTP) to a more secure authentication method.
In this instance, 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.
It said 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 and an email alert will be sent to the users should their transactions go over the set limit, it added.
Thirdly, the authentication of electronic banking transactions is now restricted to one mobile device or secure device per account holder.
Touch ‘n Go eWallet said it 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, it added.
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, the firm said.
Additionally, Touch ‘n Go eWallet has established a dedicated customer service channel or hotline for incident reports and suspicions of scams and fraud.
The company claimed that it is the first eWallet to be a part of the National Scam Response Centre based at Sasana Kijang.
It said a consumer hotline manned by a dedicated fraud operations team has been set up specifically to attend to fraud or scam cases or querie and users can contact the hotline number at +603 5022 3888 and select “four” for “Fraud” to make a report.
Click here for further information about Touch ‘n Go eWallet’s safety and security measures.
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