News & Reviews:   Bank Negara Malaysia

Previously, we reported that Shopee has launched the SLoan, a digital financing loan of up to RM120,000 for sellers on the platform. Now, Bank Negara Malaysia (BNM) has released a statement regarding SLoan, advising the public to carefully study its product terms and conditions before applying or accepting. 

The Ministry of Communications and Digital (KKD) has revealed that almost RM600 million in losses were recorded in 2022 due to scams and other cyber crimes in Malaysia. Hence, the ministry will focus on educating the public to be more digitally literate and not become victims.

Malaysia has become the first Asia-Pacific country to roll out Mastercard Bill Pay, a new bill management tool that combines electronic bill presentation and payment in one place. Officially launched in Kuala Lumpur yesterday (10 January 2023), the tool is available to consumers via ATX’s digital wallet GoPay and web-based online payment platform PayHub2U. 

CIMB Bank Bhd and CIMB Islamic Bank Bhd (CIMB) have recently announced several new security measures for the CIMB Clicks and CIMB OCTO apps. Aimed at combating fraud and strengthening the security of their digital banking platforms, these measures include compulsory SecureTAC authorisation via the CIMB Clicks App for transactions over RM100.

These days, scammers are taking new levels to trick people out of sending them money. So as part of its ongoing efforts to enhance protection and security for its users’ accounts, Touch ‘n Go eWallet just announced that there will be five new measures to combat financial scams. 

Bank Negara Malaysia (BNM) has warned Malaysians that sharing bank account passwords or PIN numbers with close friends will increase the risk of online fraud, including being used knowingly or unknowingly as “mule accounts” to perpetrate fraud. Worse, BNM Deputy Governor Jessica Chew Cheng Lian in a statement revealed that Malaysians have been observed to have a low level of digital financial literacy “which is deeply concerning”.

Following the directive by Bank Negara Malaysia (BNM) to move away from OTP to more secure authentication, CIMB Group has announced that it will cease the use of OTP by the first half of 2023. Instead, the bank will only use its SecureTAC for customers’ online banking authentication moving forward.

Previously, we reported that Bank Negara Malaysia (BNM) told banks in our country to migrate from OTP to more secure authentication. Today, Malayan Banking Bhd (Maybank) has pledged its commitment to the call and will fully replace OTP via SMS with its Secure2u authentication system by June 2023.

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).