YouTrip enhances security for users, raises e-wallet limit to $20k
The YouTrip multi-currency e-wallet on Jan 3 announced its new anti-scam security enhancements, including a kill switch and a strengthened authentication process for users changing their contact details.
There is also a 12-hour cooling-off period after a new login is detected, to prevent unauthorised access or immediate amendments to users’ personal details. This measure aims to deter scammers by ensuring the newly logged-in device is recognised as a trusted login.
Other freshly announced fortified user protections include a dedicated fraud reporting e-mail address (fraud-reporting@you.co) for users to report suspicious activities and receive 24/7 customer service support.
There is also a $1,000 limit per transaction in the YouTrip Send function, which facilitates money transfers between YouTrip users.
Existing security measures include its fraud monitoring system and One-Lock Switch. The One-Lock Switch allows users to utilise their YouTrip app to lock their card to limit the exposure and threats faced by a compromised card.
YouTrip lets travellers convert Singapore dollars and store them in different foreign currencies. Travellers can then pay for their purchases with these foreign currencies, usually at better exchange rates.
The enhanced anti-scam measures are helpful given that “we read about new scams every day”, YouTrip user Ngoi Siew Wei told The Straits Times. The marketing manager, who is in her 30s, usually maintains less than $500 in her YouTrip e-wallet for trips in Asia and less than $1,000 for trips to Europe.
“I will top up my e-wallet when I need to make bigger purchases,” Ms Ngoi said.
In 2023, ST had reported that two YouTrip users discovered unauthorised transactions made on their cards. Both managed to get their money back.
More money in wallet
Besides enhanced security, YouTrip on Jan 3 also announced an increase in spending limits for its users.
Users can now hold up to $20,000 in their YouTrip wallets at any point and have an annual spending limit of $100,000. These are up from $5,000 and $30,000, respectively.
YouTrip user Ariel Yeo used to juggle multiple payments with different credit cards when paying for larger holiday expenses like flights and hotels.
She said the experience was rather troublesome as she had to keep track of the expenses on various cards while being subjected to less favourable exchange rates.
“Now with the increased e-wallet cap and spending limits, I can easily handle the booking of flights and group expenses,” said the 26-year-old marketing executive, who travels frequently with friends and family and is often the planner and accountant of these trips.
Get The New Paper on your phone with the free TNP app. Download from the Apple App Store or Google Play Store now
