These days, scammers are taking new levels to trick people out of sending them money. So as part of its ongoing efforts to enhance protection and security for its users’ accounts, Touch ‘n Go eWallet just announced that there will be five new measures to combat financial scams. 

As recently imposed by Bank Negara Malaysia, Touch 'n Go eWallet has come forward to volunteer as the first and only eWallet in Malaysia to incorporate the new safety and security measures, ahead of the others. Touch ‘n Go eWallet will implement these five strategies by the first quarter of 2023. 

According to the company, these are the five security and fraud prevention measurements:

1. Migrate from an SMS one-time password to a more secure authentication method.
2. Tighten fraud rules and block suspicious transactions.
3. Verification and cooling-off period for first-time enrolment of services, secure device, or profile document.
4. Restrict authentication of e-transactions to ONE mobile device or secure device per account holder.
5. Have a dedicated customer service channel/hotline for incident reports and suspicions of scams and fraud.

Once in place, these security standards are expected to further reinforce safeguards against fraudulent transactions. On top of that, the Malaysian government has set up a National Scam Response Center to streamline coordination between agencies for a rapid response towards online financial scams. Touch ‘n Go eWallet is the first eWallet to be a part of the National Scam Response Center.

According to figures from Bursa Malaysia, losses from reported scams amounted to RM5.2bil over a two-year period during the Covid-19 pandemic. And there were many more that went unreported. For further information about Touch ‘n Go eWallet’s safety and security, please visit touchngo.com.my/policies/safetyandsecuritymeasures/.