Banks have implemented five key measures propounded by Bank Negara to combat scams since July 2023.
KUALA LUMPUR: Financial institutions in Malaysia successfully prevented suspicious and fraudulent transactions worth RM383mil from January to December 2023, says the Association of Banks in Malaysia.
Datuk John Chong, chairman of the Industry Task Force on Measures to Combat Financial Scams, said the achievement by 15 banks in Malaysia underscored their unwavering commitment to robust fraud-prevention measures.
Chong, who is also the Maybank group chief executive officer of global banking, said the implementation of various security measures, tightening of fraud monitoring parameters, and heightened counter-fraud controls continue to produce positive momentum and results in combating suspicious and fraudulent transactions.
“According to Bank Negara, there was a 58% reduction of unauthorised online banking transactions reported to the National Scam Response Centre over a five-month period,” he said at the #JanganKenaScam Fraud Workshop for Media Professionals yesterday.
Chong said the banks had implemented five key measures propounded by Bank Negara to combat scams since July 2023.
The five measures are migrating from SMS one-time passwords, tightening fraud detection rules, allowing only a single mobile device or secure device to be registered, verification and cooling-off period for first-time enrolment for ebanking services or secure devices, and 24/7 dedicated complaint channel for customers.
In addition, the banks have also proactively put in place other security measures, such as refraining from sending SMS or emails with hyperlinks, enforcing mobile applications to only operate on a secure version of operating systems, kill switches, brand monitoring and verification of secure authentication methods at ATMs, followed by a cooling-off period. — Bernama
