TnG eWallet efficiently implements Financial institution Negara’s new security, safety measures to battle monetary scams

Final November, Contact ‘n Go eWallet (TnG eWallet) revealed its dedication to implement 5 measures issued by Financial institution Negara Malaysia (BNM) to fight monetary scams within the nation. At this time, the corporate has introduced that it has efficiently carried out all of the obligatory security and safety measures.

That is essential not simply due to compliance, however because of the sheer variety of transactions that happen on the platform. In response to Alan Ni, CEO of TNG Digital, there are presently over 19 million TnG eWallet customers as of March this yr, with the variety of transactions hitting round 160 million every day. Per thirty days, the platform handles round RM3 billion in complete fee quantity (TPV).

TnG eWallet’s implementation of those measures was accomplished a number of months earlier than BNM’s given deadline of June 2023, forward of banks and different e-wallets within the nation. “At Contact ‘n Go eWallet, our rising customers are our largest asset. With the continual rise of economic scams and safety breaches involving e-wallet and financial institution transactions, preserving our customers’ on-line accounts secure and safe has change into our major concern,” mentioned Ni.

“In an effort to strengthen our current security and safety features and to assist defend our customers from fraudulent actions, we have now voluntarily dedicated ourselves to completely implementing all 5 security and safety measures into our ecosystem,” he added.

One of many key measures is the migration from utilizing a SMS one-time password (OTP) to a safer authentication methodology. Biometric authentication through facial recognition is now carried out when logging into the eWallet app, altering the PIN quantity, carry out transactions or make funds.

Using facial recognition is safer because it permits TnG eWallet to cross reference with knowledge on its servers offered by the person upon signing up. This reduces the danger of unwarranted logins, which may occur with the OTP methodology through phishing or fraudulent hyperlinks.

One other measure is to dam suspicious transactions by tightening fraud detection guidelines and triggers. With this, transactions of a sure threshold or any irregular exercise noticed on a person’s account might be restricted or blocked, with an e mail alert being despatched to the person.

Thirdly, the authentication of digital banking transactions is now restricted to 1 cellular system or safe system per account holder. A compulsory one-tap approval operate – TapSecure – has been launched for this goal and is used to approve customers’ transactions so solely a linked system can be utilized for eWallet-related transactions.

On a associated be aware, the corporate has additionally carried out a verification and cooling-off interval for first time enrolment of companies, a safe system or profile paperwork with a risk-based method. When customers log into their TnG eWallet from a brand new system with a much less safe authentication methodology, a set of risk-based circumstances might be triggered that limits top-ups or funds to a certain quantity as much as 48 hours – quantities above these limits might be routinely rejected.

The aim of the cooling-off interval is to stop the potential of a “hijacked” system from performing sure transactions similar to transferring giant quantities to a fraudster’s account. You’ll nonetheless be capable to use the eWallet for transactions which might be of a decrease threat like paying for toll and parking. For transactions past a certain quantity, verification through facial recognition might be carried out.

Lastly, TnG eWallet has established a devoted customer support channel and hotline for customers to report suspicions of scams and fraud. TnG eWallet is the primary e-wallet supplier to be a part of the Nationwide Scan Response Middle arrange by the Malaysian authorities in Sasang Kijang. This may be accessed by dialling +603 5022 3888 and choosing possibility ‘4’ to make a report.