KUALA LUMPUR: Financial institutions in Malaysia aim to fully implement Bank Negara’s five key measures for combating financial scams by June 2023, says the Association of Banks in Malaysia (ABM).
Bank Negara’s five key measures to combat financial scams are: migrating from SMS one-time passwords to a more secure authentication method; tightening of banks’ fraud detection rules; verification and cooling-off period for first-time enrollment of e-banking services; allowing only a single mobile device or secure device to be registered; and a 24/7 dedicated complaint channel for customers.
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