Time for Govt to clampdown on unethical cashless service operators

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You put cash in advance and it expires! That’s akin to robbery!

Time for Govt to clampdown on unethical cashless service operators

Update1

https://customerservice.touchngo.com.my/erefund/ 

We wish to provide the above link for those who had their Touch 'n Go cards stolen, lost or expired to reclaim their money

KUALA LUMPUR, Nov 22, 2024: Consumers who use eWallets are at the mercy of service operators/providers.

They impose all sorts of conditions and even threaten to “rob” you of your cash. In short, they have become bullies, imposing all sorts of inconveniences. One such operator is the Touch ‘n Go eWallet.

They now demand that users perform their eKYC verification from Dec 20 to maintain access. Whatever eKYC is, it is just inconvenience.

They say it is to enhance security. Well, just provide the security without wasting time and effort of consumers.

What is in eWallet is cash! Your cash! And they can lock you out just like that?

And the Touch ‘n Go card that you have been using for decades to pay toll … did you know that the operator can just cut your access and use of the card on grounds of “expiry”!

Your hard cash expires? (I have one such card which I intend to take legal action, if unsettled, when I go to sort out the matter in Kuala Lumpur when I am there.)

It is certainly time for the Government to look into such matters when eWallet service operators/providers take your cash in advance and then imposes all sorts of restrictions when you need to use it.

Is the Domestic Trade and Consumer Affairs Ministry sleeping or just closing an eye to such “bullying tactics” for reason only known to them.

For one, I intend to stop using the Touch ‘N Go eWallet! I don’t need the inconvenience and threats to the use of my cash.

Cash is still King and credit and debit cards are still more convenient and hassle-free in sale and purchase transactions.

No News Is Bad News reproduces below a news report on Touch ‘n Go eWallet’s threat to your cash:

All Touch 'n Go eWallet users must complete eKYC verification from Dec 20 to maintain access

By Angelin Yeoh

Wednesday, 20 Nov 2024

11:35 AM MYT

Ni said the move will reduce the risk of account takeovers, claiming that the eKYC implementation has enabled TNG eWallet to maintain a significantly low fraud rate. — KHOR SOW YEE/The Star

PETALING JAYA: All Touch 'n Go eWallet users who don’t perform electronic Know-Your-Customer (eKYC) verification from Dec 20 risk losing access to their ewallet gradually.

"Currently, non-eKYC 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 eKYC on Dec 20, all new users will be required to complete eKYC verification to use TNG eWallet.

"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,” TNG Digital said in an announcement today (Nov 20).

Earlier this year, TNG Digital said it wanted to become the first ewallet platform in the country to fully implement eKYC to improve user protection and demonstrate commitment to regulatory compliance.

CEO Alan Ni said the move will also reduce the risk of account takeovers, claiming that the eKYC implementation has enabled TNG eWallet to maintain a "significantly low fraud rate – 90% lower than the average fraud rate for card payments in the market”.

The company described eKYC as an automated process for verifying user identity by submitting a photo of their MyKad and a selfie.