Image sourced from bnm.gov.my
As Malaysians are being scammed nearly every day and public trust in our banking systems have plummeted, Bank Negara Malaysia (BNM) was recently reported as announcing that all Financial Institutions like Banks must bear the full responsibility for fraud or scams due to lapses in security.
Thankfully, BNM also said that if the fraud happened due to negligence from the user, responsibility for the reimbursement of the fraud would be investigated by PDRM (Royal Malaysia Police) and the related Bank or Financial Institution on a case-by-case basis. Banks and Financial Institutions must also report any suspicious transactions or risk being charged under the Anti-Money Laundering, Anti-Terrorism Financing and Proceeds of Unlawful Activities Act 2001 (AMLA).
According to the report from NST, users and fraud victims can submit complaints to the Banks or Financial Institutions Complaints Unit. They can also make a complaint to the Financial Services Ombudsman (www.ofs.org.my) if they do not agree with the result of the case-by-case investigation by user negligence.
For us, while this may seem like a tightening of security measures for banks it also means that users must also make sure that their proof is air-tight as well. What do you think? Is it at least better than before? Share your thoughts in the comments below and stay tuned to TechNave.com
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