28th September 2022 - 3 min read
Three bank associations in Malaysia, representing all the banks within the country, have pledged their “concurrence and full support” for the five new additional measures that were recently outlined by Bank Negara Malaysia (BNM) to combat financial scams.
In a statement, the Association of Banks in Malaysia (ABM), the Association of Islamic Banking and Financial Institutions Malaysia (AIBIM), and the Association of Development Finance Institutions Malaysia (ADFIM) recapped the five key measures that had been revealed, and agreed that the five key measures are crucial. Among some of the new safeguards announced by BNM’s governer, Tan Sri Nor Shamsiah Mohd Yunus, included the migration from SMS OTPs to other more secure authentication methods, as well as the implementation of cooling-off periods for first-time enrolment of e-banking services or secure devices.
In putting these measures into practice, however, the three associations highlighted that customers can expect to encounter a certain degree of delays and inconveniences. For example, the implementation of the cooling-off period means customers will temporarily lose access to online banking transactions when they enroll in e-banking services or secure devices for the first time. Additionally, customers may receive more prompts or notifications from banks if unusual activities are detected, and 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,” the associations said.
Furthermore, ABM, AIBIM, and ADFIM noted that they will ensure proper communication of necessary details in relation to the implementation of the above measures. These include the implementation dates, changes to processes and action required on the part of the customers, and contact details for further assistance.
Meanwhile, customers are reminded to continue staying vigilant when conducting online banking transactions. For instance, they are advised to avoid downloading installation (APK) files from unverified sources or clicking on links sent via chat messages. Accountholders who encounter suspicious transactions are also urged to notify their banks immediately, as well as lodge a report with the Commercial Crime Investigation Department (CCID) Scam Response Centre and the police.
Moreover, the public can refer to their individual banks’ websites and social media pages for updated information on scam tactics and security practices to adopt. ABM, AIBIM, and BNM’s Amaran Scam social media page, too, contain crucial information on these topics.
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