12/04/2024 01:23 PM

KUALA LUMPUR, April 12 (Bernama) -- The banking industry is working closely with regulators and enforcement agencies to secure banking systems and digital platforms, enhance security measures according to the latest fraud modus operandi, and identify and freeze banking accounts associated with scammers and mule account holders as part of continued efforts to protect customers’ financial well-being.

The Association of Banks in Malaysia (ABM) and the Association of Islamic Banking and Financial Institutions Malaysia (AIBIM) said today that since July 2023, the banking industry has implemented five key measures to further defend against scams.

These include replacing short messaging service (SMS) one-time password (OTP) with a more secure authentication method; tightening fraud detection rules; performing a cooling-off period for first-time registration of online banking access; allowing only a single mobile device or secure device to be registered; and enabling a 24/7 dedicated complaint channel for customers, both associations said in a joint statement here.

They also reiterated that its member banks will not ask for sensitive customer information such as online banking username and password, SMS OTP or type allocation code (TAC), credit/debit card numbers or card verification value (CVV) numbers via phone calls.

In certain scenarios, as when establishing the legitimacy of a suspicious or irregular transaction, banks may call customers to seek clarification, they added.

“During these calls, banks may perform a verification check using partial personal information such as requesting the last four digits of national registration identity card (NRIC), to ascertain the identity of customers.

“This measure is taken to safeguard customers' accounts and ensure the continued security of their financial information,” the statement said.

Customers who suspect fraudsters are impersonating bank officers should hang up immediately and call the bank’s official customer service hotline instead, it said.

Those who have fallen victim to scams should immediately call the National Scam Response Centre at 997 or banks’ 24/7 customer service hotlines for assistance.

Meanwhile, to find the customer service hotline for any bank and learn how to identify the latest scam tactics, customers can visit

To quickly deactivate their online banking access or block credit/ debit cards involved in fraudulent transactions, customers can also opt to use the Kill Switch feature via the online banking platform or mobile banking app.


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