By Karen Bong
KUCHING, Oct 7: Getting rid of the use of One Time Passwords (OTP) through text messaging service (SMS) for high-risk transactions are among the measures to be introduced to strengthen the security of online banking by financial institutions.
Finance Minister Datuk Seri Tengku Zafrul Abdul Aziz, in announcing Budget 2023 in Parliament today, said that the government will allocate RM73 million to enhance Cyber Security Malaysia to carry out monitoring, detection and reporting of cyber threats including the capability of cyber forensic systems.
“Online scams are becoming a serious global issue and Malaysia is no exception. Measures to curb scam and cyber crime are important.
“This includes establishing a National Scam Response Centre (NSRC) involving the police, Bank Negara Malaysia (BNM), Malaysia Communication and Multimedia Commission (MCMC) and National Anti-Financial Crime Centre (NFCC) in collaboration with financial institutions.
“The centre will start operating this month and will act on reports received to block accounts and take action against criminals,” he said.
Tengku Zafrul added that a platform for the public to report any account or mobile phone number suspected of being used by online scam criminals will also be created.
The government will also intensify the level of awareness of financial and digital literacy of users in order to reduce the risk of becoming a victim of fraud.
In order to protect credit consumers while fostering a fair and orderly consumer credit market, Tengku Zafrul added that the government is committed to presenting the Consumer Credit Bill in the second quarter of 2023.
“Through this effort, a new independent authority namely the Consumer Credit Monitoring Board, will be established under the Ministry of Finance to regulate all activities related to consumer credit,” he added. — DayakDaily
