Last November, Touch ‘n Go eWallet (TnG eWallet) revealed its commitment to implement five measures issued by Bank Negara Malaysia (BNM) to combat financial scams in the country. Today, the company has announced that it has successfully implemented all the mandatory safety and security measures.
This is important not just because of compliance, but due to the sheer number of transactions that occur on the platform. According to Alan Ni, CEO of TNG Digital, there are currently over 19 million TnG eWallet users as of March this year, with the number of transactions hitting around 160 million daily. Per month, the platform handles around RM3 billion in total payment volume (TPV).
TnG eWallet’s implementation of these measures was completed several months before BNM’s given deadline of June 2023, ahead of banks and other e-wallets in the country. “At Touch ‘n Go eWallet, our growing users are our largest asset. With the continuous rise of financial scams and security breaches involving e-wallet and bank transactions, keeping our users’ online accounts safe and secure has become our primary concern,” said Ni.
“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 five safety and security measures into our ecosystem,” he added.
One of the key measures is the migration from using a SMS one-time password (OTP) to a more secure authentication method. Biometric authentication via facial recognition is now carried out when logging into the eWallet app, changing the PIN number, perform transactions or make payments.
The use of facial recognition is more secure as it allows TnG eWallet to cross reference with data on its servers provided by the user upon signing up. This reduces the risk of unwarranted logins, which can happen with the OTP method via phishing or fraudulent links.
Another measure is to block suspicious transactions by tightening fraud detection rules and triggers. With this, transactions of a certain threshold or any abnormal activity observed on a user’s account will be limited or blocked, with an email alert being sent to the user.
Thirdly, the authentication of electronic banking transactions is now restricted to one mobile device or secure device per account holder. A mandatory one-tap approval function – TapSecure – has been introduced for this purpose and is used to approve users’ transactions so only a linked device can be used for eWallet-related transactions.
On a related note, the company has also implemented a verification and cooling-off period for first time enrolment of services, a secure device or profile documents with a risk-based approach. When users log into their TnG eWallet from a new device with a less secure authentication method, a set of risk-based conditions will be triggered that limits top-ups or payments to a certain amount up to 48 hours – amounts above these limits will be automatically rejected.
The purpose of the cooling-off period is to prevent the possibility of a “hijacked” device from performing certain transactions such as transferring large amounts to a fraudster’s account. You’ll still be able to use the eWallet for transactions that are of a lower risk like paying for toll and parking. For transactions beyond a certain amount, verification via facial recognition will be carried out.
Lastly, TnG eWallet has established a dedicated customer service channel and hotline for users to report suspicions of scams and fraud. TnG eWallet is the first e-wallet provider to be part of the National Scan Response Center set up by the Malaysian government in Sasang Kijang. This can be accessed by dialling +603 5022 3888 and selecting option ‘4’ to make a report.
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