IN a move to create greater awareness of and combat financial fraud, the RHB Banking Group (RHB), in collaboration with Payments Network Malaysia (PayNet), launched its new RHB DuitNow QR Sound Box aimed at enhancing and strengthening payment security for consumers and merchants.
The RHB DuitNow QR Sound Box is an electronic scam prevention tool that supports static and dynamic QR codes, which seamlessly integrates into a merchant’s point-of-sale system.
More secured transactions
The cutting-edge sound box provides a secure and verifiable method for both consumers and merchants to confirm the legitimacy of DuitNow transfers made via QR code.
Upon successfully receiving the DuitNow transfer, the sound box generates an auditory alert and a visual display, providing real-time reassurance that the intended merchant has received the correct payment amount.
The introduction of the RHB DuitNow QR Sound Box addresses critical payment security issues, a concern that has grown significantly with the increasing reliance on cashless transactions.
Although QR codes add value to businesses by easing financial transactions, the bank acknowledges the security risks involved.
These include fake QR codes that deceive consumers into transferring their money to a scammer’s bank account, or dishonest customers who use a fake payment receipt to trick merchants into believing that payment has been made.
Scam prevention
The sound box serves as an innovative scam prevention tool that benefits merchants and consumers as it simultaneously addresses concerns from both parties through a sound and visual alert.
As the first bank to introduce the RHB DuitNow QR Sound Box, this move reflects the on-going commitment to protecting merchants and consumers from fraudsters who exploit the convenience of cashless payments.
Progressive deployment
In its initial phase, the group will deploy the RHB DuitNow QR Sound Box to micro, small and medium enterprises (MSMEs) in sub-urban locations as part of its joint effort with PayNet to drive financial inclusion.
Subsequently, the group will roll out this solution to businesses with high financial transaction volume, including food and beverage outlets, grocery stores, night markets and various retailers.
The benefits of the sound box will allow more businesses in Malaysia to adopt cashless payments and ultimately pave the way for greater digitalisation.
As small businesses are more vulnerable to the impact of payment fraud, using the sound box will provide them with peace of mind regarding QR code transactions.
This initiative supports PayNet’s directive in building a more inclusive financial ecosystem, as well as RHB’s aspiration of empowering small and medium enterprises (SMEs) and micro entrepreneurs.
Empowering MSME growthPayNet chief commercial officer Gary Yeoh said, “Our partnership with RHB underscores PayNet’s commitment in empowering MSME growth to thrive in Malaysia’s digital economy.
“The RHB DuitNow QR Sound Box is a result of innovative technology adoption, which helps to strengthen security in payment digitalisation and encourages businesses to go cashless.
“This initiative will enable businesses and users to enjoy the benefits of payment digitalisation without compromising security, reliability and ethical standards.
“This is consistent with Malaysia’s Digital Economy Blueprint to create a digital environment that is trusted, secure and ethical.”
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