{"id":29538,"date":"2017-05-18T17:00:26","date_gmt":"2017-05-18T09:00:26","guid":{"rendered":"https:\/\/www.imoney.my\/articles\/?p=29538"},"modified":"2017-06-30T12:06:50","modified_gmt":"2017-06-30T04:06:50","slug":"credit-card-security-on-ride-sharing-apps","status":"publish","type":"post","link":"https:\/\/www.imoney.my\/articles\/credit-card-security-on-ride-sharing-apps","title":{"rendered":"Is Your Credit Card Information Safe On Ride-sharing Apps?"},"content":{"rendered":"

\"in<\/p>\n

It\u2019s late and almost impossible to get a cab where you are. It does not sound like an enviable situation. However, this scenario is a rarity nowadays. Gone were the days where you are stranded with no transport home.<\/p>\n

Eight out of 10 Malaysians chose ride-sharing services such as GrabCar, over conventional taxis, a survey<\/a> conducted by Land Public Transport Commission (SPAD) revealed last year. The main reason for this preference is due to the accessibility of such service.<\/p>\n

A separate survey conducted by Ford in the region found that ride sharing in Malaysia has increased by 16%<\/a> from last year. The convenience and safety offered by ride hailing apps, especially on a night out, make them especially appealing.<\/p>\n

These services do not just offer convenience in requesting for a ride whenever and wherever you want to, it also offers convenience in the form of payment method.<\/p>\n

<\/span>Is cash still king?<\/strong><\/span><\/h2>\n

As Malaysians are advancing in mobile technology, and more services and retailers start to turn to e-commerce and most recently m-commerce, or mobile commerce, unauthorised Internet transactions started rising too.<\/p>\n

In 2013, credit card fraud was reported by Bank Negara Malaysia to have cost RM29.4 million<\/a>, with unauthorised Internet transactions being the most prevalent type of fraud.<\/p>\n

Due to the lack of understanding and the prevalent of online credit card fraud, many Malaysians gravitate towards cash whenever possible.<\/p>\n

However, the truth is, cash is costly and is an inconvenience. Imagine taking a GrabCar in the middle of the night, fumbling for cash to pay and waiting for the change after that.<\/p>\n

The inconvenience of paying with cash on ride-sharing services outweighs the pros.<\/p>\n

<\/span>Enter GrabPay<\/strong><\/span><\/h2>\n

Online cashless payment doesn\u2019t have to be susceptible to fraud \u2013 if you learn to do it right. Other than convenience, GrabPay, which is the cashless payment system used by GrabCar, also offers security and can be useful to knock down some of those fares (more on this below).<\/p>\n

One of the key criteria\u00a0you need to look out for to ensure that the e-commerce platform that you are using is secure are the payment system that they use. GrabPay is a payment system that has been tried and tested with sophisticated machine learning algorithms<\/a> that progressively builds on the knowledge collected by the company on their drivers, passengers and their travel patterns. This has enabled the app to support large mobile transaction volume across Southeast Asia.<\/p>\n

The payment system has also recently received the coveted Florins Award<\/a> in 2016 for the Best Fraud Prevention Innovation (Community Votes) Award.<\/p>\n