TNG Digital will fully implement mandatory electronic Know-Your-Customer (eKYC) verification for all Touch ‘n Go eWallet users by 20 December 2024, as part of the company’s efforts to ensure regulatory compliance and strengthen fraud prevention measures within its platform.
TNG eWallet Fully Implements eKYC
The eKYC system allows users to verify their identity digitally by uploading their ID card and a selfie for facial recognition, effectively eliminates the need for paperwork or in-person visits for the verification process. TNG noted that verified accounts benefit from additional security measures that reduce the risk of fraud and unauthorized access, while also enabling access to more features and higher account limits.
All new users will be required to complete eKYC verification to use the platform’s features starting from the implementation date. Existing users who have not completed eKYC will face increasing restrictions on their accounts, with eventual loss of access if verification is not completed in “approximately 10 months” from now. Currently, non-eKYC users are limited to basic features such as NFC top-ups and RFID functionality.
“From an industry perspective, achieving 100% eKYC verification across our user base enables TNG Digital to more effectively identify and weed out mule accounts and fraud cases, reinforcing the integrity and security of the ecosystem,” TNG stated in the press release.
“Implementing full eKYC is a bold and necessary move, making us the first eWallet to take this step because protecting our users is non-negotiable,” said Alan Ni, CEO of TNG Digital. “This measure is crucial in enhancing platform security and reducing the risk of account takeovers. Our strong commitment to safety has enabled TNG eWallet to maintain a significantly low fraud rate – 90% lower than the average fraud rate for card payments in the market.”
Pokdepinion: Always good to have more security measures to keep things safe.
