Public Bank Boosts Online Banking Security, Provides Dedicated Assistance To Affected Customers
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(Image: New Straits Times)

Public Bank has acknowledged the necessity of the five key measures to combat scams that were recently announced by Bank Negara Malaysia (BNM), and emphasised that it is already taking further steps to address the rising trend of frauds and scams.

In a statement, the bank stressed that at present, it is already offering 24-hours assistance to customers via its Case Management Unit, which comprises specially trained and experienced staff members. Upon receiving a fraud or scam report from a customer, the unit will work to immediately terminate access to his or her PBe internet banking and PB engage mobile banking app so as to prevent further unauthorised transfers. Meanwhile, the bank will attempt to recover the customer’s stolen funds.

Public Bank also highlighted that since March 2022, customers were already empowered with the ability to self-deactivate their access to internet and mobile banking via the PBe website login page, if they suspect that their banking credentials have been compromised. Upon deactivation, access can only be reactivated at a Public Bank branch, or by the staff at the Case Management Unit with necessary verifications.

(Image: Bernama)

Other than that, Public Bank also has a fraud detection and prevention system that is constantly updated with a series of counter measures based on the evolving tactics of scammers. With the system in place, suspicious and abnormal transactions performed on customers’ account will be flagged, and those who are making transfers to new beneficiaries via PBe and PB engage will also be prompted with a message to encourage caution before transferring.

Furthermore, Public Bank has also implemented its PB SecureSign (PBSS) security token as a more secure verification method for transactions and activities performed on the PB engage mobile app since August 2020. The PBSS can also only be activated on one mobile device, and its stringent activation process requires customers to activate it at a branch, an automated teller machine (ATM), or by contacting the PBe customer support.

Come October 2022, the functionality of the PBSS will be expanded to approve transactions made on PBe internet banking as well. Once this takes effect, the existing PBe authentication code (PAC) sent via SMS – which is currently used to verify transactions via PBe internet banking – will be eventually phased out.

pb engage securesign token

Public Bank further expressed its commitment to working with all relevant parties in this fight against scams, and noted that BNM’s five additional safeguards – which were announced last week – will be crucial in raising level of online banking security. The bank also highlighted that approximately 500,000 of its customers’ accounts were protected from attempted fraudulent transfers to mule accounts in the first half of 2022. This translates to about RM900 million saved from such attempts.

Finally, Public Bank encouraged the public to visit its Online Security microsite for updated information on scams, and to contact the Case Management Hotline at 03-2177 3555 for assistance if they believe that they have been scammed.

(Source: Public Bank)

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