This post is brought to you by Grab
With digital wallets currently on the rise, many Malaysians are doubtful of the security of these platforms. These concerns are valid as the safety of your data is very important, especially in this era of constant hacks and scams.
If you want to use an e-wallet, you need to make sure that the service is reliable and will provide adequate security measures. Here are five things that make your eWallet safe and secure.
1. Two-factor Authentication (2FA)
Two-factor authentication (2FA) is one of the easiest and most effective ways to secure your data online. It works by requiring two forms of identification in order to access your information. The first is normally a password or a pin number. Second is biometrics such as fingerprint, or FaceID, which cannot be lost, stolen or forgotten.
Grab has the 2FA feature which is a very simple way to verify your identity when you use the Grab app. If your phone is lost or stolen, no one should be able to use your digital wallet because it would require your Grab PIN and your biometric information. (Note: Check your phone settings on setting up your biometric information)
Grab’s 2FA security feature is already available to all Grab users. Users are encouraged to set it up to increase the security of their wallet.
2. Fraud protection
Just like banks, e-wallets should have fraud protection as well. Given the millions of daily transactions, this is normally done by computers.
Grab uses an AI model that makes over 20 million real-time risk decisions a day. This will detect fraud and make sure that all your transactions are genuine. Grab Risk Systems processes over 10 million transactions daily, 24/7, and will know when a fraudulent transaction occurs.
If a scammer does try to pay with your digital wallet, it will be detected and will be dealt with in 24 hours or less.
3. Information protection
This is one big question you should ask about any digital wallet: Is your data encrypted?
Any information relating to important things like money should be encrypted. This makes it virtually impossible for any hackers to steal your information.
GrabPay fully encrypts your payment and card information, and is Payment Card Industry Data Security Standard (PCI DSS) Level 1 compliant, which is the highest level of security precautions one can take. Services that are Level 1 compliant are required to hire an expert to assess their security every year.
4. Customer support
The quality of customer support often dictates how comfortable a user will be with using an e-wallet service. If the support is quick and helpful, you can rest assured that the company has the best intentions in mind when it comes to your information safety.
If you ever have a security concern, you can call the Grab helpline number at +60-3-2788-1300 and you will be matched with a representative who will help you through your issue.
To find out more about Grab’s security features and how they can help, visit their Help Center which will provide you with safety tips that will keep your information secure.
As a digital payment provider, you need to be credible if you want people to trust you with their money.
GrabPay has partnerships with leading banks and financial institutions across Southeast Asia. For example, in Malaysia, GrabPay has partnered with MayBank to launch the co-branded Maybank Grab Mastercard Platinum Credit Card which enables consumers to earn GrabRewards points with their spending. .
GrabPay is regulated by the government and Bank Negara Malaysia, and was also selected as the only non-government linked e-wallet to support the government’s ePenjana programme in 2020.
When you put money in your GrabPay wallet, it gets transferred into a dedicated customer account which is stored and protected by their global bank partners.