Selangor Journal
A man holds a laptop computer as cyber code is projected on him in this illustration picture taken on May 13, 2017. — Picture by REUTERS

Banks to implement BNM’s five key measures to fight financial scams

KUALA LUMPUR, Sept 27 — Three associations representing the local banking industry are in full support of the five key measures to combat financial scams as announced by Bank Negara Malaysia (BNM).

The key measures were announced by BNM governor Tan Sri Nor Shamsiah Mohd Yunos at the launch of the Financial Crime Exhibition yesterday (September 26).

In a joint statement today, the Association of Banks in Malaysia (ABM), Association of Islamic Banking and Financial Institutions Malaysia (AIBIM) and the Association of Development Finance Institutions Malaysia (ADFIM) said the banking industry acknowledges that the implementation of these measures may lead to changes in customers’ online banking experiences and expectations.

“The online banking transactions could potentially take a slightly longer duration due to added security measures and checks.

“In view of this, we humbly seek customers’ patience and understanding on the expected delays and inconvenience that they may face once these measures are implemented. These measures, however, are crucial for the added safety and security of the banks’ customers,” it noted.

They also said that their member banks are also committed to ensuring proper communication with customers in relation to the above measures, including the implementation dates for the various measures, any changes to processes and action required on the part of the customers, and contact details to seek assistance.

The five key measures include migrating from SMS one-time password (OTP) to a more secure authentication method, such as via secure multi-factor authentication software or hardware tokens for certain transactions.

These transactions include fund transfers and payments, changes of personal information and account settings.

Other measures include tightening the banks’ fraud detection rules and triggers for the blocking of suspicious transactions, verification and cooling-off period for first-time enrolment of e-banking services or secure devices, and restricting authentication of electronic banking transactions to one mobile device or secure device per account holder.

Lastly, banks will also have a 24/7 dedicated complaint channel/hotline for customers to report incidents or suspicions of scam/fraud, they noted.

The bank associations also reminded customers to remain vigilant at all times when transacting online, including following online banking safety tips.

They urged customers not to download any installation files (APK files) on their devices, and only download applications (apps) from genuine app stores, ensure that their online banking security image and/or phrase are correctly displayed on the screen before logging in and avoid clicking on links sent via chat messages such as SMS, WhatsApp, Messenger or other similar services.

ABM, AIBIM and ADFIM added that they also welcome the measures to further elevate the police’s Commercial Crime Investigation Department (CCID) Scam Response Centre as a more systematic information sharing platform that will enable quicker action to prevent further losses.

Account holders who encounter suspicious transactions involving their bank accounts are advised to immediately notify their banks, contact CCID Scam Response Centre at 03-2610 1559/1599 and lodge a police report to facilitate the investigation.

— Bernama


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