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Recently, Boost conducted a major update of their service. They disabled their cash out feature, which allows users to move money from their Boost account into their bank account, and upgraded their eWallet size to a new limit of RM4,999.
Of course, some of their customers were not happy with the change and preferred the cash out feature. However, it appears that Boost has done so with good reason.
In their official statement, which was shared with Soya Cincau, the company said that their main reason for disabling the cash out feature was to keep the money of their customers safe from scams.
This is a safety precaution built into the wallet to protect users from fraudsters and scammers who prey on e-wallet users in the past.Boost via Soya Cincau
They had anticipated a possible rise in fraud and scam cases. Despite the safety measures they already had in place, disabling the feature ensured that scammers would not be able to access their customer’s credit and money, nor would they be able to transfer any of that money to an external bank account.
This move means that Boost customers will never have to worry about being tricked into sharing their account details, or One Time Passwords (OTPs) with scammers.
FYI, Boost’s Premium Wallet users are still able to transfer funds to another Boost eWallet user.
For those who are unaware, there have been several attempts by scammers to trick Boost customers in the past.
In one syndicate, users would receive messages or ads claiming that they had won RM8,888. And such phishing tactics have resulted in customers losing money.
The video below demonstrates how such a scam is done.
Besides this, scammers have also sent links to fake Boost websites through SMS, WhatsApp and emails and some even called up customers pretending to be Boost representatives.
In case you were wondering, eWallet service providers will never ask you for your password, pin number, or OTP to perform any transaction.
Boost has issued a number of notices and reminders to their customers about such scams.