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Touch 'n Go EWallet Adds New Safety And Security Features

Anis

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TNG Digital Sdn Bhd, the Touch 'n Go Group's e-wallet services provider, has implemented all of Bank Negara's mandatory safety and security measures four months ahead of the deadline. TNG Digital CEO Alan Ni said in a statement yesterday that the group's e-wallet services (Touch 'n Go eWallet) had successfully implemented all five mandatory anti-scam measures. He emphasised that the measures were put in place before banks and other eWallets in Malaysia. "At Touch 'n Go eWallet, our expanding user base is our most valuable asset. With the ever-increasing number of financial scams and security breaches involving eWallet and bank transactions, keeping our users' online accounts safe and secure has become our top priority.



"We have voluntarily committed ourselves to fully implementing all five safety and security measures into our ecosystem in order to strengthen our existing safety and security functions and to help protect our users from fraudulent activities." Ni stated that the group committed to implementing the safety measures in November of last year, with a goal of completing the implementation by the first quarter of this year. "We are pleased to announce that these measures were successfully implemented within our timeframe and ahead of the June 2023 deadline," he said.



The first of the five key measures, according to Ni, is the transition from using an SMS one-time password to a more secure authentication method. "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, Touch 'n Go eWallet has implemented face verification as a method of authentication." The second step, he says, is to tighten fraud detection rules and triggers for blocking 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. If a user's transactions exceed the set limit, an email alert will be sent to them." Third, Ni stated that electronic banking transaction authentication is now limited to one mobile device or secure device per account holder.


"Touch 'n Go eWallet has added TapSecure as a required one-tap approval function to authenticate users' transactions.


"The TapSecure approval ensures that only the linked device of the user can be used to approve transactions within the user's eWallet account."


A verification and cooling-off period for first-time enrolment of services, secure device, or profile documents is also in place, according to Ni. When users log in to their Touch 'n Go eWallet from a new device using a less secure authentication method, it will trigger a set of risk-based conditions in which the user will be limited to a certain amount for top-ups or payments for up to 48 hours. "Any top-ups or payments that exceed the limit will be rejected automatically." Touch 'n Go eWallet has also set up a dedicated customer service channel or hotline for incident reports and scam and fraud suspicions.

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Anis

Previously in banking and e commerce before she realized nothing makes her happier than a revving engine and gleaming tyres........

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