Banks' New Malware Shielding Technology Protects Against Scams

KUALA LUMPUR, Aug 9 (Bernama) -- Banks in Malaysia have begun to implement malware shielding technology on their mobile banking apps as part of a concerted effort to protect customers from financial scams.

The Association of Banks in Malaysia (ABM) and the Association of Islamic Banking and Financial Institutions Malaysia (AIBIM) said the preventive security measure, which is implemented by their members, can detect high-risk malware in scenarios such as malicious APK files and suspicious remote monitoring access on customers’ devices, among others.

Apart from that, the technology also helps to detect malicious applications or suspicious functionalities by acting as a vigilant digital guard, eventually warning or stopping customers from performing banking activities on compromised devices, the associations said in a joint statement today.

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This initiative builds on earlier measures from July 2023, including replacing SMS OTPs with more secure methods and establishing a dedicated complaint channel, they added.

Meanwhile, ABM chairman Datuk Khairussaleh Ramli said the initiative represents a significant step forward in their collaborative efforts. 

“Emphasising customer privacy, malware shielding is only activated when the customer launches the mobile banking app and does not run in the background continuously.

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“We want to assure our customers that their banking information and personal data remain confidential and protected,” he said. 

-- BERNAMA