TnG eWallet successfully implemented Bank Negara’s new security measures to combat financial fraud

Last November, Touch ‘n Go eWallet (TnG eWallet) revealed pledge to implement five measures issued by Bank Negara Malaysia (BNM) to combat domestic financial fraud. Today, the company announced that it has successfully implemented all the required safety and security measures.

This is important not only because of compliance, but also because of the large number of transactions that happen on the platform. According to Alan Ni, CEO of TNG Digital, there are now more than 19 million TnG eWallet users as of March of this year, with the number of transactions reaching around 160 million per day. Each month, the platform processes around RM3 billion in total payment volume (TPV).

TnG eWallet’s implementation of these measures was completed a few months ahead of BNM’s June 2023 deadline, ahead of other banks and e-wallets in the country. “At Touch ‘n Go eWallet, our growing users are our greatest asset. With the continued increase of financial scams and security breaches related to e-wallets and banking transactions, keeping users’ online accounts safe and secure has become a concern. our top focus,” said Mr. Ni.

He added: “To strengthen our existing safety and security functions and help protect our users from fraudulent activities, we have voluntarily committed to a full year of implementation. safety and security measures in its ecosystem”.

One of the key measures is to switch from using SMS one-time passwords (OTP) to a more secure authentication method. Biometric authentication via facial recognition is now done when logging into the E-Wallet application, changing PIN, making a transaction or making a payment.

Using facial recognition is more secure as it allows TnG eWallet to cross-reference with the data on the server provided by the user upon registration. This reduces the risk of unauthorized logins, which can happen with OTP methods through phishing or phishing links.

Another measure is to block suspicious transactions by tightening fraud detection and activation rules. With this, transactions at a certain threshold or any unusual activity observed on the user’s account will be restricted or blocked, with an email alert sent to the user.

Third, authentication of e-banking transactions is currently restricted to one mobile or secure device per account holder. The required one-touch approval function – TapSecure – was introduced for this purpose and is used to approve user transactions, so only a linked device can be used for transactions. transactions related to E-Wallet.

On a related note, the company has also implemented a verification and pause phase for the first time signing up for a service, safety device, or profile document with a risk-based approach. When a user logs in to their TnG eWallet from a new device with a less secure authentication method, a set of risk-based conditions are triggered to limit deposits or payments to certain amount for up to 48 hours – amounts exceeding these limits will be automatically rejected.

The purpose of the cool down phase is to prevent the device from being “hacked” to perform certain transactions, such as transferring large amounts of money to a fraudster’s account. You can still use the E-Wallet for lower-risk transactions like paying tolls and parking. For transactions exceeding a certain amount, verification via facial recognition will be performed.

Finally, TnG eWallet has set up a separate customer service channel and hotline for users to report suspicions of fraud and fraud. TnG eWallet is the first e-wallet provider as part of the National Scan Response Center established by the Malaysian government in Sasang Kijang. You can access this information by dialing +603 5022 3888 and selecting the ‘4’ option to report.