Touch ‘n Go Implements Security Features Laid Out by BNM Ahead of Deadlineby Fintech News Malaysia March 7, 2023 0 comments
Touch ‘n Go eWallet has successfully implemented all five mandatory safety and security measures imposed by the Bank Negara Malaysia to combat scams, four months before the June 2023 deadline.
The first of the five key measures are the migration from using a SMS one-time password (OTP) to the face verification method when users login, change their PIN, perform transactions or make payments, and perform reloads.
Transactions of a certain threshold or any abnormal activity and suspicious behaviour observed on a user’s account will be limited or blocked. An email alert will be sent to the users should their transactions go over the set limit.
Thirdly, the authentication of electronic banking transactions is now restricted to one mobile device or secure device per account holder.
Also, in place is a verification and cooling-off period for first-time enrolment of services, secure device, or profile documents. When users log in to their Touch ‘n Go eWallet from a new device with a less secure authentication method, they 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.
Touch ‘n Go eWallet has also established a dedicated customer service fraud hotline which can be reached at +603 5022 3888. It is said to be the first e-wallet to be a part of the National Scam Response Centre based at Sasana Kijang.
“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.
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 5 safety and security measures into our ecosystem.”
said Alan Ni, Chief Executive Officer of TNG Digital.