15th November 2022 - 2 min read
Touch ‘n Go (TNG) eWallet has announced today that it, too, will implement the five additional safeguards that Bank Negara Malaysia (BNM) had specifically laid out for the local banking industry in its fight against financial scams. This is despite the fact that TNG eWallet itself is a non-bank financial service provider, making it the first e-wallet in Malaysia to incorporate the measures.
Like all major banks in Malaysia, TNG eWallet said that it will implement the following security measures for its users:
To note, these five measures were previously announced by BNM for the banking industry in September 2022, following a worrying increase in the number of financial scams being reported. The central bank had stressed then that banks in Malaysia are required to adopt high standards of security, but did not extend the standards to non-bank financial service providers.
In addition to adopting the additional safeguards, TNG eWallet also stated that it will become the first e-wallet to join the government’s National Scam Response Centre (NSRC). Briefly, the NSRC is a joint effort between numerous parties to combat cyber fraud cases, including the anti-financial crime centre (NFCC), Malaysian Communications and Multimedia Commission (MCMC), BNM, police force, financial institutions, and telecommunications companies.
Finally, on top of these security updates, TNG eWallet also shared that its long-awaited TNG eWallet Visa card is set to finally be launched in December 2022 – just next month. This card was first announced back in 2021, and can be linked directly to your TNG eWallet. It will also allow you to transact at more than 70 million merchants worldwide that accept Visa as a payment method, as well as make withdrawals at Visa-enabled ATMs.
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