KUALA LUMPUR: Financial institutions in Malaysia aim to fully implement Bank Negara Malaysia’s (BNM) five key measures for combatting financial scams by June 2023, said the Association of Banks in Malaysia (ABM).
BNM’s five key measures to combat financial scams are: migrating from SMS one-time passwords (OTP) to a more secure authentication method; tightening of banks’ fraud detection rules; verification and cooling-off period for first-time enrolment 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, reported that all the five key measures have been progressing well.
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