News & Reviews:   bnm

Bank Negara Malaysia (BNM) today instructed banks and financial institutions in the country to stop using SMS one-time passwords (OTPs) and instead migrate to more secure authentication methods for all relevant online transactions and activities. Moreover, BNM also told banks to provide more convenient ways for customers to suspend their accounts as well as immediately alert customers when any fraudulent transactions were detected on their accounts.

During a colourful event in Kuala Lumpur today, Boost launched its refreshed brand along with an update on future plans for the coming months and 2023. Fresh from its recent Digital Bank License award from Bank Negara Malaysia (BNM), Boost aims to fuel greater financial inclusion for Malaysia and across the region by utilising the power of technology and artificial intelligence (AI).

Previously, we reported that the federal government is investigating the iPay88 cybersecurity breach in which Malaysian consumers’ card data may have been compromised. Now, even Bank Negara Malaysia (BNM) has issued a statement regarding the incident, reassuring the people that the nation’s payment system remains safe and secure.