Banking industry working with regulators, agencies to enhance customer security

KUALA LUMPUR: The banking industry is working closely with regulators and enforcement agencies to secure banking systems and digital platforms, enhance security measures according to the latest fraud modus operandi, and identify and freeze banking accounts associated with scammers and mule account holders as part of continued efforts to protect customers’ financial well-being.

The Association of Banks in Malaysia (ABM) and the Association of Islamic Banking and Financial Institutions Malaysia (AIBIM) said today that since July 2023, the banking industry has implemented five key measures to further defend against scams.