TNG to Implement Bank Grade Security Measure Imposed by BNMby Fintech News Malaysia November 16, 2022 0 comments
Touch ‘n Go eWallet announced that it has come forward to be the first startup and non-bank provider that has committed to voluntarily incorporate the five key measures which have been recently imposed on banks by Bank Negara Malaysia to combat financial scams.
The e-wallet will look into enhancing security by adding more authentication methods to complement the current methods.
Touch ‘n Go will also tighten fraud rules and block suspicious transactions as well as enforce a verification and cooling-off period for first-time enrolment of services, secure device, or profile document.
Additionally, Touch ‘n Go will look into restricting authentication of e-transactions to one mobile device or secure device per account holder.
The last security measure that Touch ‘n Go has committed to is to set up a dedicated customer service channel/hotline for incident reports and suspicions of scams and fraud.
Touch ‘n Go said that it will implement these five strategies by the first quarter of 2023.
Alan Ni, Chief Executive Officer of TNG Digital said,
“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.”