On September 2022, we reported that Bank Negara Malaysia (BNM) imposed five security measures on banks to tackle financial scams. These measures are only applicable to banks, but Touch ‘n Go eWallet decided to volunteer as the first and only eWallet in Malaysia to incorporate them.
The company will be implementing five strategies by Q1 2023:
- Migrate from an SMS one-time password to a more secure authentication method.
- Tighten fraud rules and block suspicious transactions.
- Verification and cooling-off period for first-time enrolment of services, secure device, or profile document.
- Restrict authentication of e-transactions to ONE mobile device or secure device per account holder.
- Have a dedicated customer service channel/hotline for incident reports and suspicions of scams and fraud.
Furthermore, with the recent increase of scams reported, the Malaysian government has set up a National Scam Response Centre to streamline coordination between agencies for a rapid response towards online financial scams, and Touch ‘n Go eWallet is the first eWallet to be a part of the National Scam Response Centre.
The company said they placed someone at the centre, so they can respond faster to any incidents related to the eWallet.
In addition, the company also informed us that they are planning to launch their own Visa debit card next month. Stay tuned to this site for more information about that once we get more details.
Recently, Touch ‘n Go eWallet also announced their collaboration with AliPay+, to enable users to use the eWallet while they are in China. You can read more about it here.
