TNG Digital announced that eKYC verification will be mandatory for all TNG eWallet users starting 20 December 2024.
The move is aimed at enhancing security and access to additional features while aligning with regulatory standards.
The plan was first unveiled earlier this year, giving users a 10-month window to verify their accounts.
Users can complete verification through the TNG eWallet app by uploading a photo ID and taking a selfie.
Malaysian users can use MyKad or MyTentera, while others may verify with their passports.
Verified users will benefit from enhanced security features, such as a Money-back Guarantee for unauthorised transactions, and gain access to additional functionalities, including higher wallet limits and the ability to transfer funds to others.
Users who fail to verify their accounts will face progressively restricted access such as lower wallet limits and are limited to basic features like payments, tolls, NFC top-ups, and RFID.
Without verification, they will eventually lose access to their accounts entirely.
New users will need to complete eKYC during registration, while existing users are encouraged to verify their accounts before the deadline to avoid service interruptions.
In addition to enhancing security for users, eKYC will enable TNG Digital to identify and eliminate mule accounts and fraud cases.
Alan Ni, Chief Executive Officer of TNG Digital, said,
“Implementing full eKYC is a bold and necessary move, making us the first eWallet to take this step because protecting our users is non-negotiable. This measure is crucial in enhancing platform security and reducing the risk of account takeovers.
Our strong commitment to safety has enabled TNG eWallet to maintain a significantly low fraud rate—90% lower than the average fraud rate for card payments in the market.”
For more information, step-by-step guides and FAQs are available on the TNG eWallet website.
Featured image credit: Edited from Freepik
