News & Reviews:   bank

Yesterday, the Kuala Lumpur Sessions Court ordered Maybank to pay RM166000 to Chan Yan Li for failing to prevent suspicious transactions that emptied her account. That said, what should you know about it?

Just days before celebrating Merdeka, Malaysia has made fintech history with the debut of Ryt Bank — the world’s first AI-powered bank created entirely by Malaysians. This new finance service is spearheaded by YTL Group in collaboration with Sea Limited.

Prime Minister Datuk Seri Anwar Ibrahim in Parliament today moots a new law to hold banks accountable for scam cases. Giving the current rules in the UK as an example, Anwar said that Malaysia should adopt the same principle by making banks compensate scam victims, if the banks were found to be negligent.

Banks in Australia will be forced to pay compensation to their customers who lost money due to fraud under new laws proposed by the country's government. According to Bernama via Malaysiakini, this law has been legalised. So, what should you know about it?

Looks like Bank Muamalat users are in for a treat. After years of Samsung Wallet (formerly Samsung Pay) being available in Malaysia. Bank Muamalat has finally announced that their customers can now also use Samsung Wallet. So, what should you know about it?

In an ongoing combat of phone scams, the Association of Banks in Malaysia (ABM) and the Association of Islamic Banking and Financial Institutions Malaysia (AIBIM) have issued a press release to remind the public that member banks will NEVER ask for sensitive customer information. This includes online banking usernames and passwords, and credit or debit card numbers via phone calls.

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.

Earlier today, AmBank published a web page revealing its support for Apple Pay. However, due to unknown reasons, it has been taken down. Until now, Maybank goes through the same thing by publishing a web page dedicated to the payment service and deleting it afterwards.

From time to time, we would hear news of how Malaysians get scammed online. In this news, a researcher from a Slovak internet security company, ESET, Lukáš Štefanko made a discovery and detected many fake websites are disguised as legitimate services with similar domain names in Malaysia.

It seems that an app called Semak Mule was recently unveiled thanks to an initiative by PDRM, which allows users to check whether the owner of the bank account or phone number was recently involved in a crime. By using this app, the public can keep themselves informed on whether they are dealing with a scammer, as well as increase their trust when it comes to online transactions.