eWallet security: What users need to know

It’s only natural that one has concerns about the safety and security of eWallets but TNG Digital ensures that you can pay confidently with their Touch 'n Go eWallet.

While most Malaysians enthusiastically embrace a cashless payment system, risk and security issues are being highlighted more than ever and the prevalence of people getting duped through online scams is growing, while cybersecurity threats continue to lurk on the horizon. In order for mobile payments to succeed, concerns regarding privacy and security must be addressed.

TNG Digital Sdn Bhd chief risk officer Teh Huey Tzi explains that user information such as identification card, credit card, debit card, bank account information are masked when displayed.

“No one will ever see the full account numbers,” she says. “As an eWallet service provider, TNG Digital does not share confidential information with anyone other than the card or bank processors.

Under no circumstance is your credit, debit card or bank account information ever shared with anyone including the entity receiving your payment.”

For those who still worry that merchants may get their hands on the users’ credit card details, Teh gives her assurance that this is not the case.

“We will never reveal personal data to any third party. Merchants won’t have access to credit card or personal details as each transaction is unique and encrypted." she says.

In fact, Teh goes so far as to say the biggest advantage of using an eWallet is safety.

“You can load your eWallet, whenever you want, even just before a transaction, with the exact amount you are going to spend. This is an advantage, unlike credit or debit cards, where you have to be extra careful as they can have big balances or a huge credit limit. Credit cards, debit cards or even cash, pose a greater risk of theft and loss. In circumstances where you lose your credit card or debit card, a fraudster would be able to swipe the lost credit card, debit card and/or cash immediately in stores,” she says.

TNG Digital Sdn Bhd's chief executive officer Syahrunizam Samsudin and chief risk officer Teh Huey Tzi at the recent launch of their eWallet Money-Back Guarantee Policy.

Teh explains that the eWallet, on the other hand, has a multi-factor authentication process.

“If someone attempts to hack through your password, he/she will still need your security PIN, answer security questions, or one-time password (OTP) which will be sent via SMS to your mobile number to get into your account, to perform payments, link card, change user information, etc,” she says, adding that an important tip is to never share your account credentials with anyone.

Realising the main barrier towards eWallet adoption, the Touch ‘n Go eWallet recently announced its Money-Back Guarantee Policy, aimed to ensure that users rights and accounts are kept safe by bringing security and convenience all in one APP. The policy is exclusive to the Touch ‘n Go eWallet.

Through this policy, eWallet users can report any unauthorised transaction and request for compensation by logging on to the eWallet app or via the TNG Digital website.

To be eligible for the money-back guarantee, users must first verify their eWallet account through the account verification process (eKYC process). Once an account is verified, the money-back guarantee protection will be activated with an eWallet protection shield icon being visible on users edit profile button.

If users find that they are being charged with unauthorised transactions in their eWallet account, they can click on the money-back guarantee feature in the app. This feature will prompt users to a form, where they need to fill up details of their case and attach proof of receipts or documentation involved with the transaction. The eWallet team will then investigate and if claims are proven to be legitimate, refunds will be processed and reimbursements will be made within five working days.

Still not convinced?

Rest assured that the Touch n Go eWallet comes with many different layers of protection. TNG Digital’s risk team also leverages artificial intelligence platforms, machine learning and human intervention to predict and prevent cyber-attacks. Suspicious transactions will be blocked instantly without impacting users.

“Above all, the Touch ‘n Go eWallet is one of the eWallet service providers in the country that is governed by Bank Negara Malaysia. This means that we abide by specific regulations to ensure a prudent and safe transaction, as determined by BNM,” Teh assures.

Syahrunizam showing how to purchase a drink using the Touch 'n Go eWallet.

A word from the CEO

“The Money-Back Guarantee Policy is our commitment to future-proofing Malaysia’s epayment ecosystem and to better serve our users by giving them the confidence to fully adopt a digital lifestyle," says TNG Digital Sdn Bhd chief executive officer Syahrunizam Samsudin.

"Users can trust us, continue to pay confidently and transact with our app, knowing that the transactions are protected and refund is available for any unauthorised transaction.”

The CEO believes that there is still a lot of education and awareness needed to first get the public to understand the services that TNG provides.

“When it comes to security, as with any type of transaction you make, there is always a risk or concerns pertaining to transactions. On our end, we understand your concerns as it involves money.

Rest assured that your data will always be kept safe.

"But as always, we would also urge our users to safeguard their mobile phones and apps. Always maintain confidentiality of their eWallets and not share credentials with anyone else.”

You can check out TNG’s privacy policy for more information at https://www.tngdigital.com.my/privacy-policy.html. To find out more about Money-Back Guarantee Policy, visit the website here: tngd.my/mbg.

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