In a move to create greater awareness of help combat financial fraud, the RHB Banking Group (“RHB” or the “Group”), in collaboration with Payments Network Malaysia (“PayNet”), has launched its new DuitNow QR Plug & Play sound box aimed at enhancing and strengthening payment security for consumers and merchants.
The DuitNow QR Plug & Play sound box is an advanced scam prevention tool integrated into a merchant’s point-of-sale system. It supports both static and dynamic QR codes, thus offering a secure method for both consumers and merchants to verify DuitNow transfers. After a successful transfer, the sound box generates auditory and visual alerts, providing real-time reassurance that the intended merchant has received the correct payment amount.
“The introduction of the DuitNow QR Plug & Play sound box addresses critical payment security issues, a concern that has grown significantly with the increasing reliance on cashless transactions. While we cannot dispute the value of QR codes to ease financial transactions, we acknowledge the security risks involved. These include fake QR codes that deceive consumers into transferring their money to a scammer’s bank account, or dishonest customers who use a fake payment receipt to trick merchants into believing that payment has been made,” said Syed Ahmad Taufik Albar, managing director, Group Wholesale Banking, RHB Bank Berhad.
“In response to this, the Plug & Play sound box serves as an innovative scam prevention tool that benefits merchants and consumers as it simultaneously addresses concerns from both parties through a sound and visual alert. As the first bank to introduce the DuitNow QR sound box, this move reflects our on-going commitment to protecting merchants and consumers from fraudsters who exploit the convenience of cashless payments,” added Taufik.
In the initial phase of its collaboration with PayNet, the Group will introduce the DuitNow QR Plug & Play sound box to MSMEs in suburban areas by December 2023. By January 2024, the solution will be expanded to businesses with high transaction volumes, including F&B outlets, grocery stores, night markets, and various retailers.
“The sound box aims to facilitate cashless payments, enhance security against payment fraud for small businesses, and pave the way to greater digitalization. This initiative is aligned with PayNet’s goal of building an inclusive financial ecosystem and RHB’s commitment to empowering SMEs and micro-entrepreneurs. ,” concluded Taufik.
Gary Yeoh, chief commercial officer of PayNet, highlighted that the partnership with RHB underscores PayNet’s dedication in empowering MSMEs growth in Malaysia’s digital economy. The DuitNow QR Plug & Play sound box, a product of innovative technology adoption, enhances security in payment digitalization and promotes transition to cashless transactions.