KUALA LUMPUR: Financial institutions in Malaysia aim to fully implement Bank Negara’s five key measures for combating financial scams by June 2023, says the Association of Banks in Malaysia (ABM).
Bank Negara’s five key measures to combat financial scams are: migrating from SMS one-time passwords to a more secure authentication method; tightening of banks’ fraud detection rules; verification and cooling-off period for first-time enrollment of e-banking services; allowing only a single mobile device or secure device to be registered; and a 24/7 dedicated complaint channel for customers.
Datuk John Chong Eng Chuan, the chair of the industry task force on measures to combat financial scams as well as Maybank group chief executive officer of community financial services, said that all the five key measures have been progressing well.
“More than 80% of banks have already moved to a 24/7 dedicated complaint channel for customers to report incidents and to allow only a single mobile device or secure device to be registered.
“We hope to complete all the key measures by June 2023,” he told a media roundtable discussion yesterday.
Meanwhile, ABM said in a statement that the banking industry is committed to taking a holistic approach towards tackling financial scams. Measures would include amplifying education and awareness among the public under the National Scam Awareness Campaign to be more vigilant against financial scams and frauds.
The National Scam Awareness Campaign was launched in October 2022, with the tagline
“Awas, Fikir, Blok. Ingat 3 Saat OK”. It is an industry-wide campaign that aims to educate and empower the public to adopt good online practices and create awareness of the types of scams.
“The public is reminded that security is a collective responsibility that requires a one- nation approach.
“The banking industry will continuously undertake efforts on a holistic basis to tackle financial scams through three thrusts, namely education, action and collaboration,” it said.
— Bernama
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