Touch ‘n Go eWallet to incorporate new security, fraud prevention measures

KUALA LUMPUR - TNG Digital Sdn Bhd (TNG Digital), the owner and operator of Touch ‘n Go eWallet, has committed to incorporating the five key measures imposed on banks by Bank Negara Malaysia to combat financial scams.

In a statement today, the fintech company said it plans to implement the five strategies by the first quarter of 2023, which include enhancing security by adding more authentication methods to complement the current methods, tightening fraud rules and blocking suspicious transactions.

Chief executive officer Alan Ni said Touch ‘n Go eWallet places great emphasis on privacy and security features to safeguard users’ interests.

"We believe the measures we have put in place will give our users peace of mind that the money in their e-wallet is protected and every transaction they make is safe and secure.

"We hope this will bring us closer to more Malaysians as they use the Touch ‘n Go eWallet in their everyday lives, in line with our vision of building a more financially literate society,” he said in a statement today.

The company said other strategies are implementing a verification and cooling-off period for first-time enrolment of services such as secure device or profile document and restricting authentication of e-transactions to one mobile device or secure device per account holder.

Another strategy is to have a dedicated customer service channel or hotline for incident reports and suspicions of scams and fraud, TNG Digital said.

"Once in place, these security standards are expected to further reinforce safeguards against fraudulent transactions and in the process, strengthen the confidence and trust amongst Malaysians, merchants, and e-wallet communities,” it said. - BERNAMA