The amount of scam and fraud cases is rising daily. Recently, ABM announced they have blocked over RM350 million in fraudulent transactions from January to October 2023. This is what you should know about it.
For your information, thirteen member banks under The Association of Banks in Malaysia (ABM) and the Association of Islamic Banking and Financial Institutions Malaysia (AIBIM) have successfully prevented fraudulent transactions worth RM351 million. This shows their commitment to robust fraud prevention measures.
In addition, detection and prevention actions by banks saved customers from being defrauded of their funds through various fraudulent schemes such as e-commerce, job application, investment, impersonation, and phishing scams. In case you didn’t know, the first National Scam Awareness campaign was launched in October 2022, where banks progressively implemented five key measures propounded by Bank Negara Malaysia (BNM) to combat financial scams.
For instance, that includes changing from SMS one-time passwords (OTP) to a more secure authentication method; tightening banks’ fraud detection rules; verification and cooling-off period for first-time enrolment of e-banking services or secure device; allowing only a single mobile device or secure device to be registered; and a 24/7 dedicated complaint channel for customers.
All in all, we at TechNave advise you to always be careful and be wary of such cases. You should also ignore suspicious links, emails or calls from unknown parties. After all, it is better to be safe than sorry.
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