KUALA LUMPUR (Dec 13): The Association of Banks in Malaysia (ABM) has said the banking industry is expected to fully implement the five key measures to combat online scams issued by Bank Negara Malaysia by June 2023.
The five measures include migrating from SMS one-time password to a more secure authentication method, and tightening bank fraud detection rules and triggers for blocking of suspicious transactions.
The other measures are verification and cooling-off period for first-time enrolment of e-banking services or secure device, restricting authentication of electronic banking transactions to one mobile device or secure device per account holder, and a 24/7 dedicated complaint hotline for customers to report incidents or suspicions of scam.
“More than 80% of banks have already moved to the dedicated 24/7 hotlines,” said the chairman of the Industry Task Force on Measures to Combat Financial Scams, Datuk John Chong Eng Chuan, at a media round-table session on Tuesday (Dec 13).
“Also, more than 80% have the one mobile device service,” he said, citing a survey by the task force on 31 banks.
“The other measures are progressing well and we hope to complete them next year,” added Chong, who is also group chief executive officer of community financial services at Malayan Banking Bhd.
Another banking industry representative at the session, ABM council member and CIMB Group Holdings Bhd CEO Datuk Abdul Rahman Ahmad, said: “The measures are to be implemented by June 2023, so I…
