BNPL players go the extra mile for security
October 21, 2022
Source: The Malaysian Reserve

Kuala Lumpur, Malaysia - The trend of financial frauds, which is now becoming more sophisticated and cunning, has led to industry players going the extra mile to ensure strong security on their platforms.

This includes buy-now-pay-later (BNPL) players, whose operations can be said to be more secure due to the verification process needed to register an account.

Fintech company, Ablr, which is the latest to enter the Malaysian market under the BNPL space, is aware that frauds are still a very serious industry-wide issue for traditional financial institutions, fintech and other similar sectors, affecting many Malaysians every day.

Security for BNPL in Malaysia can be vastly improved with strong regulations in place, says Chin

Co-founder and CEO Amanda Chin said although Ablr Malaysia is considered a relatively new BNPL player, there had already been attempts at fraud on its platform.

“This is why we have checks and processes at multiple levels to give our users peace of mind.

“All our merchants go through stringent electronic Know Your Business (eKYB) processes to ensure our users are only able to shop with merchants that have been verified.

“For our consumers, we have necessary security measures in place, such as end-to-end encryption, tokenisation, 3D secure payment and data protection, coupled with strict due diligence electronic Know Your Customer (eKYC) process for consumers coming onboard.

“This includes working with credit bureaus to ensure the legitimacy of new users coming onboard our platform, and working with a payment processing platform to bring a twofold transaction monitoring process that is conducted by both artificial intelligence (AI) and human intervention,” Chin told The Malaysian Reserve (TMR) last Friday.

On tightening security for BNPL, she said it can be vastly improved with strong regulations in place “Ultimately, security for BNPL in Malaysia can be vastly improved with strong regulations in place, as this helps build confidence within Malaysian consumers and businesses towards BNPL as a secure payment option.

“Beyond financing, BNPL providers must also include an always-on education element to help the public understand how BNPL can best be used as a method of sustainable financing and to equip our users with the right knowledge on fraud prevention,” she further said.

Read the full article here.

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