Ni said the move will reduce the risk of account takeovers, claiming that the eKYC implementation has enabled TNG eWallet to maintain a significantly low fraud rate. — KHOR SOW YEE/The Star
PETALING JAYA: All Touch 'n Go eWallet users who don’t perform electronic Know-Your-Customer (eKYC) verification from Dec 20 risk losing access to their ewallet gradually.
"Currently, non-eKYC users are limited to a low eWallet balance and can only access basic payment and toll features, including NFC card top-ups and RFID. With the full implementation of eKYC on Dec 20, all new users will be required to complete eKYC verification to use TNG eWallet.
"These users will face increasing limitations until their TNG eWallet accounts are fully verified, and eventually they will lose access to their eWallet entirely if not verified,” TNG Digital said in an announcement today (Nov 20).
Earlier this year, TNG Digital said it wanted to become the first ewallet platform in the country to fully implement eKYC to improve user protection and demonstrate commitment to regulatory compliance.
CEO Alan Ni said the move will also reduce the risk of account takeovers, claiming that the eKYC implementation has enabled TNG eWallet to maintain a "significantly low fraud rate – 90% lower than the average fraud rate for card payments in the market”.
The company described eKYC as an automated process for verifying user identity by submitting a photo of their MyKad and a selfie.
