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KUALA LUMPUR, Nov 21 –– As announced earlier this year, TNG Digital is aims to have all Touch ’n Go eWallet (TNG eWallet) users complete their eKYC (electronic Know Your Customer) verification by end of 2024. The move is aimed at enhancing security and fraud prevention among its eWallet users and to reduce incidences of mule accounts. If you’re a TNG eWallet user, you must complete your eKYC process by December 20, 2024 to ensure seamless and full access to your eWallet.
The eKYC process is a form of ID verification to ensure that you are the genuine account holder of the registered eWallet. It can be done easily from your smartphone and it requires your IC and your face. What happens if you do not complete TNG eWallet eKYC process by December 20? According to TNG Digital’s latest statement, the mandatory eKYC verification for TNG eWallet accounts will be fully implemented on December 20, 2024.
Once implemented, all new users will be required to complete the eKYC verification to use the TNG eWallet. Meanwhile, existing TNG eWallet users who have yet to complete the eKYC process, will have their eWallet access gradually restricted. These non-verified users will face increasing limitation and eventually they will lose access to their eWallet entirely if not verified.
At the moment, non-eKYC users are restricted with a lower eWallet balance and can only access basic payment and toll features which include TNG NFC card top-ups and TNG RFID. How do I know if my TNG eWallet has been verified with eKYC? Verified Badge appears if your TNG eWallet account has been verified with eKYC To find out if your TNG eWallet has been verified with the eKYC process, just launch the TNG eWallet app and then tap on your profile icon on the top right corner. If the Verified Badge with the blue shield is shown, your TNG eWallet account has been verified and you can continue to enjoy the full features on and after December 20, 2024.
You would have completed your eKYC process if you’ve participated in the previous government-led eWallet initiatives such as eTunai Rakyat and eBeliaRahmah. How to complete eKYC verification for TNG eWallet? If your profile is showing the “Not Verified” status, here’s how to complete the verification process via eKYC: What do you get for completing eKYC verification for TNG eWallet? By verifying your TNG eWallet account, you will unlock more features and protection. This includes a higher eWallet size of up to RM20,000, extra protection against unauthorised transactions under TNG eWallet’s Money-back Guarantee, TapSecure (One Tap approval for secure transactions) and the ability to transfer money to third party accounts.
Why is TNG eWallet making eKYC mandatory for all users? The mandatory eKYC requirement is among TNG Digital’s enhanced measures to ensure a stringent user authentication and to foster a more secure digital payment ecosystem. After implementing its 5 safety and security measures a few years ago, they saw a 51 per cent reduction in fraud rate on its eWallet platform. As of February 2024, TNG Digital reported that 77 per cent of their eWallet users are verified with eKYC and it aims to achieve 100 per cent by the end of this year.
eKYC is an automated process which allows users to verify their identity digitally with a copy of their ID card and a selfie for facial recognition. The system matches the user’s ID with their photo to confirm their identity and there’s no hassle of paperwork or in-person visits for verification. From an industry perspective, TNG Digital says having 100 per cent eKYC verification across its user base enables them to be more effective in identifying and weeding out mule accounts and fraud cases, which in return reinforcing the integrity and security of their ecosystem.
Not only it provides protection for users but also contributes to a safer and more resilient digital financial landscape. TNG Digital CEO Alan Ni said, “Security is our top priority at TNG Digital. 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.
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 per cent lower than the average fraud rate for card payments in the market. This achievement reflects the effectiveness of our security measures and our dedication to protecting our users.
With eKYC, we are setting an even higher standard to ensure peace of mind for our users.” –– SoyaCincau.
