PETALING JAYA: The adoption of e-wallets in the country will never accelerate if security fears of online fraud and scams are not allayed, says Syahrunizam Samsudin.
The TNG Digital Sdn Bhd chief executive officer said many have read of cases of Malaysians falling prey to e-wallet scams where they have experienced losses in excess of RM2,000.
“Today, we are still bombarded with fake websites, online scams and yet most e-wallet companies in the market only focus on attracting users with promotions, cashback and freebies.
“What is lacking, however, is the push for consumer awareness and education to decrease the prevalence of frauds and scams in the market.
“In short, the more aware a user is, the lower the chances are for a user to be defrauded,” he said in a statement on Tuesday (July 9).
He was responding to The Star‘s front page report, which stated that cases of online fraud are becoming rampant, making up nearly 70% of complaints reported to the Malaysia Computer Emergency Response Team (MyCERT) so far this year.
Syahrunizam said e-wallet companies must be committed to future-proofing Malaysia’s e-payment ecosystem and part of that responsibility is to close the gap in consumer education.
“Kickstarting this, the Touch ‘n Go e-Wallet is spearheading an educational video series, ‘Cashless Confidential’, featuring local heavy weights, Dr Jason Leong and Kuah Jen Han, discussing common topics relating to online safety and security, such as info phishing and identifying scam sites in bite-sized, easy to understand episodes to be shared on television, radio, and social media platforms,” he said.
Consumers today expect convenience and security to go hand-in-hand with mobile payments and that’s exactly what the company is enabling with the money-back guarantee policy, the first-ever safety and security policy for mobile payments in Malaysia, he added.
“Acknowledging the importance of a reliable platform in which all Malaysians can trust under all circumstances, the policy better serves our users by giving them the confidence to fully adopt a digital lifestyle.
“Users are assured that they can continue to pay confidently and transact with our app, knowing that their money is safe and secure in their Touch ‘n Go e-wallets,” he said.
While cash remains king for now, the company wants to work towards a lifestyle where payments with e-wallets will inadvertently be safer than that of cash, Syahrunizam added.
“In a recent study by Nielsen Malaysia on Malaysia’s shifting payment landscape, only 8% of Malaysians have adopted the use of e-wallets.
“One of the major reasons highlighted as a barrier to cashless adoption is that 46% of Malaysians are concerned about security measures and fraud risks related to digital payments,” he said.