TNG eWallet to implement 100% account verification for enhanced user security and access to exclusive features

TNG Digital Sdn. Bhd. ('TNG Digital'), Malaysia's largest integrated fintech player, announced earlier this year its plan to become the first eWallet in Malaysia to implement 100% account verification. This initiative aims to enhance user protection, unlock exclusive features, and demonstrate TNG Digital’s commitment to regulatory compliance and robust risk management. Users have been given approximately 10 months to verify their TNG eWallet accounts, with mandatory account verification set to be fully implemented on 20 December 2024. Existing verified users will not be impacted and are not required to take any further action.

Electronic Know-Your-Customer (eKYC) or account verification is an automated process that allows users to verify their identity digitally and effortlessly. Users simply upload a photo of their ID card and take a selfie for facial recognition, eliminating the hassle of paperwork or in-person visits. The system securely matches user’s ID with their photo to confirm their identity. Verified users gain enhanced protection, as account verification adds an extra layer of security by reducing the risk of fraud and unauthorised access. Verifying the TNG eWallet account also expands user eligibility, unlocking access to additional features and products.

From an industry perspective, achieving 100% account verification across the 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. This proactive approach not only protects users but also contributes to a safer and more resilient digital financial landscape.

Alan Ni, Chief Executive Officer of TNG Digital, emphasised, “Security is our top priority at TNG Digital. Implementing full account verification 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% 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 the full account verification, we are setting an even higher standard to ensure peace of mind for our users.”

Currently, non-verified 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 account verification on 20 December, all new users will be required to complete account verification to use TNG eWallet. For existing non-verified users, their account access will be gradually restricted. 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.

Users can verify their eWallet account by tapping ‘Not Verified’ on the app's profile page. Malaysian users may use either MyKad or MyTentera for account verification, while Malaysian Permanent Residents and other nationalities can use their passport for verification. Once verified, users will unlock these benefits:

· Money-back Guarantee: Protection against any unauthorised transactions that occur without user’s involvement

·  Increased eWallet limit compared to the lower, non-verified account wallet balance

·  Transfer feature: Send money easily to friends and loved ones

To avoid any service interruptions, users can follow a simple step-by-step guide below:

Step 1: Go to "Profile" icon from App homepage (Top right)

Step 2: Click on "Not Verified" next to your profile picture

Step 3: Click "Verify Account"

Step 4: Choose your ID Type

Step 5: Take front of your ID photo

Step 6: Take your own selfie

Step 7: Verify your account details : Name, ID Number, Date of Birth

Step 8: Your account verification will take effect IMMEDIATELY or up to 3 working days

Refer to the full guide here – How do I verify my account? or watch the 'How-to' video for guidance:

Users are encouraged to complete verification early. If you encounter any issues, you can contact TNG eWallet Careline by calling +603-5022 3888 (available Mon-Sun, 7.00am – 10.00pm), submitting a webform, or visiting the Sales & Service Centres at Bangsar South or Nu Sentral.

To learn more about the benefits of getting your TNG eWallet verified, visit https://www.touchngo.com.my/policies/verify-your-account/ and read the Frequently Asked Questions (FAQs) available on the website.