Banks improvising on security features to combat scams, fraud

KUALA LUMPUR: Banks in Malaysia continue to adapt and improve banking security features, in line with Bank Negara Malaysia’s (BNM) five key measures to combat financial fraud.

The five keys measures, announced in December 2022, are a transaction cooling-off period, migrating from short messaging service (SMS) to one-time passwords (OTP) to a more secure authentication method, a single designated device for authorisation, removal of hyperlinks from SMS and email communications, and a 24-hour cyber fraud security hotline.