Fewer reporting fraud cases

Fighting crime together: Abdul Rasheed (centre) launching the IFCTF at the Kuala Lumpur Convention Centre here yesterday. — Bernama

KUALA LUMPUR: Special measures taken by financial institutions in recent months to counter unauthorised banking transactions commonly pulled off by scammers have borne fruit with commendable results.

Bank Negara governor Datuk Abdul Rasheed Ghaffour said the introduction of measures such as restricting authentication apps to a single device and introducing a “kill switch” for bank clients to freeze their accounts when they became accessible to hackers or scammers has resulted in a steep decline of 58% in unauthorised banking transactions reported to the National Scam Response Centre (NSRC) in the past five months.