Public Bank enhances banking security to combat scams and frauds

KUALA LUMPUR: Public Bank Bhd has introduced the transaction cooling-off period via PBe internet banking and PB engage MY mobile application for transactions which are deemed abnormal.

“This transaction cooling-off period is one of Bank Negara Malaysia’s five key measures for combating financial scams and Public Bank has implemented all five of them. The bank will continue to be vigilant and working with relevant authorities, to ensure a robust and secure online banking environment for our customers,” managing director and chief executive officer Tan Sri Tay Ah Lek said in a statement.

The bank said the transaction cooling-off period is a precautionary measure that allows the bank to review and assess certain transactions that display characteristics of abnormal behaviour.

This additional step is designed to minimise the risk of unauthorised transactions and potential fraudulent activities, ensuring the safety of customers’ funds.

“Customers will be notified on the status of their transactions through various channels such as SMS, e-mail and push notification. Alternatively, customers may log into their PBe to view their pending transactions by clicking ‘account’ and select ‘view pending verification’,” Public Bank said.

In addition, Public Bank has also enhanced security through the migration from SMS one-time password (OTP) authentication to a more secure method to ensure stronger authentication for transactions approval.

All users of PBe and PB engage MY are now required to activate a more robust 2-factor authentication method called PB Secure Sign.

Public Bank said to further safeguard customers’ online banking platform security, the PB SecureSign can only be activated on a single device which will be used as the primary device responsible for approving transactions.

The bank has also implemented the removal of hyperlinks from SMS and email communications.

Public Bank said a 24-Hour cyber fraud security hotline is also available offering customers a dedicated channel operating 24/7 enabling them to report scams or suspicious activities related to their accounts.