Unauthorised transactions: BNM instructs banks to provide fair redress for customers

Bank Negara Malaysia

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KUCHING, June 10: Bank Negara Malaysia (BNM) has instructed all licensed banks to ensure proper communication and fair redress for customers who had fallen victim to unauthorised transaction fraud despite being careful.

BNM also reminded all banks to provide the appropriate assistance and information to affected customers on protecting their accounts and the status of the banks’ investigations.

If banks do not take adequate steps to protect their customers or fail to comply with relevant guidelines, BNM said appropriate supervisory and enforcement actions would be taken.



In terms of security, BNM said all licensed banks must adopt high standards of security, particularly for internet and mobile banking services.

“This includes routine security reviews and advisories issued by BNM to financial institutions to enhance existing controls and ensure adequate protection against latest threats while maintaining efficient services for customers,” it said.

BNM said fraud risk is constantly evolving as scammers devise more sophisticated means of defrauding the public, such as tricking bank account holders into revealing their banking details or installing malware on their devices.

Therefore, the financial industry and authorities continue to remain vigilant against new modus operandi, BNM added.

“BNM has been collaborating with Polis Diraja Malaysia (PDRM), Malaysian Communications and Multimedia Commission (MCMC) and the financial industry to coordinate efforts in combating financial fraud and scams and create greater public awareness of new fraud tactics.

“In addition to ensuring more effective preventive measures by financial institutions against new modus operandi, these efforts will also support the recovery of embezzled funds as well as timely and effective investigations by the relevant law enforcement agencies,” it said in a statement yesterday (June 9).

Meanwhile, the public is advised to take necessary precautions to protect themselves against evolving fraud by regularly reading information on the ‘Amaran Scam’ Facebook page at  https://www.facebook.com/amaranpenipuan/.

Should any bank account holders encounter suspicious transactions involving their bank accounts, BNM said they should immediately notify their banks and contact the Commercial Crime Investigation Department (CCID) Scam Response Centre at 03-2610 1559/1599 and BNMTELELINK at 1-300-88-5465, before lodging a police report to facilitate the investigation. — DayakDaily