CTOS introduces SecureID

CTOS Data Systems Sdn Bhd (CTOS), Malaysia’s largest credit reporting agency, recently introduced CTOS SecureID, a fully comprehensive identity protection solution aimed at protecting consumers at home and on-the-go.

As a result of rapid digitalization, one in two or 15.3 million Malaysians currently shop online. 62% of this segment shop online via their mobile devices. This paradigm shift to ecommerce does not come without its menace though – that of identity theft and fraud. In fact, this issue is prevalent enough so much so that 86% of Malaysians are aware and surveyed as being extremely concerned.

(Pic Above: From left: YBhg. Dato’ Ts. Dr. Haji Amirudin bin Abdul Wahab, CEO of Cybersecurity Malaysia; YBhg. Dato’ Nadzim Johan, Head Activist, Muslim Consumers Association of Malaysia; Keith Wardell, Chief Marketing and Product Officer of CTOS and Dennis Martin, CEO of CTOS at the launch of SecureID

Well, the lure of the behemoth Singles Day 11.11 online sales aside, one can see that this shift to ecommerce has become problematic for the fintech and financial services sector. This is where CTOS comes in, with the launch of its SecureID product to the Malaysian consumer at RM99 per annum, with its accurate and immediate electronic alerts when something fishy is up.

Signing up takes a matter of minutes and once a CTOS SecureID account is set up, it is instantly able to protect the consumer’s personal identity, digital data and financial information by providing alerts about changes to the consumer profile such as:

  • New credit application
  • Missed payments
  • Change in credit limits
  • Closure of credit facilities
  • Change of address
  • Up-to-date scam and prevention tips
  • Support for issues related to ID theft

These automated procedures allow suspicious account behaviour to be identified by the consumer in real-time and proactively resolved without him having to constantly and manually check various different sources. In addition, by signing up with SecureID, quarterly (4) MyCTOS Score Reports per year of the consumer will be provided to him. The CTOS Score indicates a consumer’s credit risk and a good score can work in the favour of increasing the individual’s loan or credit application chances.

“Payment trends in Malaysia have clearly been shifting to ecommerce. From cyclical utility bills and instalment payments to online shopping and even having food delivered, cash is going out of fashion as more people choose to pay digitally. A parallel to draw is that as we keep cash, credit and ID cards close to us in our wallets, engaging in ecommerce without proper security measures… is tantamount to leaving our wallets unattended in the street,” said Dennis Martin, Group CEO of CTOS Holdings.

When asked, Martin confirmed that consumer data gathered by CTOS is kept so secure, that it is akin to “keeping them in a safe, within a safe, within a safe” and that its business model does not involve selling consumer data to any party, thus addressing the perennial question lingering in the back of a consumer’s mind!

About CTOS Data Systems Sdn Bhd

CTOS is a registered Credit Reporting Agency under the purview of Credit Reporting Agencies Act 2010. Established in 1990, CTOS has 28 years experience in aiding credit grantors make better credit decisions. CTOS utilises information from its users and the public domain to support informed decisions and facilitate fact-based risk management when providing credit extension. CTOS delivers a complete portfolio of credit reports and value-added services widely used by the country’s banking and financial institutions, insurance companies, large corporation, legal firms, businesses as well as state and statutory bodies.

CTOS partners with CyberSecurity Malaysia, which in turn works with almost all law enforcement agencies in Malaysia and supports them, where relevant, to track, address and report cybersecurity incidents in the country.