21st February 2020 - 2 min read
CTOS has launched the CTOS SecureID, a fraud protection and credit monitoring service that safeguards you on two fronts: keeping you safe from fraud and scams, and helping you stay on top of your credit health. It also boasts a dark web monitoring function, the first of its kind to be launched by a credit reporting agency in Southeast Asia.
In terms of fraud protection, SecureID will alert you of possible fraud activities such as new credit applications, credit limit changes, termination of credit facilities, and changes in addresses. CTOS SecureID will also trawl through data breach records to check if your personal details have been compromised, and send you alerts and prevention tips regarding any latest scams.
As for credit monitoring, CTOS SecureID will check and share your MyCTOS credit score report every three months, as well as send you monthly alerts for any missed payments. Additionally, it lets you find out if there are bankruptcy claims and litigation cases made falsely under your name. You will also know if you are listed by non-financial institutions for outstanding debts.
Not only that, the service also comes with an additional personal accident takaful coverage of up to RM20,000, which requires an annual contribution of RM10 (excluding a 6% service tax). Ultimately, CTOS SecureID aims to let you be more proactive about safeguarding your identity and managing your credit health.
According to CTOS group chief executive officer, Dennis Martin, the growth of online transactions and digital footprint via social media platforms has made it easier for identities and data to be stolen. He also commented that these data breaches are a worldwide phenomenon, given that 4.1 billion personal records were leaked globally in just the first six months of 2019 alone.
“Many criminal elements use the dark web for the sale and purchase of people’s data, and our new monitoring tool allows us to alert consumers if their personal information is detected on the dark web,” said Martin.
Martin also commented that CTOS SecureID is in line with the government’s mission to improve financial literacy among Malaysians. The service is available for subscription at RM9.90 per month.
(Source: The Sun Daily)
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