Oleh Zainal AS Rashid
TO deter scammers, Bank Negara Malaysia (BNM) will tighten controls, said Bank Negara Governor Tan Sri Nor Shamsiah Mohd Yunus.
Having taken note of the increasing incidence of scams and global cybercrime, she said BNM would collaborate with other stakeholders in rolling out preventive measures and coordinated enforcement, as well as increase public awareness.
“Bank Negara requires banks in Malaysia to adopt high standards of security, especially for Internet and mobile banking services,” she said in her speech during the Financial Crime Exhibition in Kuala Lumpur on Monday (Sept 26).
Financial institutions have also been instructed to include measures such as adopting to a more secure form of user authentication, and move away from the SMS one-time password (OTP) mode.
Other measures would include the tightening of detection rules and triggers for the blocking of scam-related transactions; subjecting first-time enrolment of online banking services and secure devices to a cooling-off period; restricting customers to one mobile device or secure device for authenticating online banking transactions, as well as the requirement for banks to set up dedicated scam hotlines.
“Financial institutions have been directed to be more responsive to scam reports lodged by customers. Financial institutions have also been directed to facilitate efforts to recover and protect stolen funds, including working with relevant agencies to prevent further losses,” she said.
She said while the control measures may cause some inconvenience, they are needed to protect customers.
“For example, online banking transactions might take a little longer to process. Financial institutions will also conduct more checks when customers request to change or register a new phone number,” she added.
“The effort to eradicate financial scams requires cooperation and concerted action from all parties – not just from Bank Negara and the financial industry – but also from law enforcement agencies, relevant ministries and agencies, as well as the public,” she said.
Bank Negara, together with the police, Malaysian Communications and Multimedia Commission (MCMC) and National Anti-Financial Crime Centre (NFCC) will work together to further elevate the CCID Scam Response Centre as a more systematic information-sharing platform that will enable quicker action to prevent further losses.
Bank Negara and the Royal Malaysia Police have launched a virtual “Financial Crime Exhibition”, which seeks to educate members of the public about financial scams, which can be accessed here. (https://museum.bnm.gov.my/fce).
-BTS Media
