News & Reviews: Bank Negara Malaysia
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Dec 03, 2022
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.
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Nov 15, 2022
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.
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Oct 04, 2022
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”.
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Sep 29, 2022
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.
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Sep 28, 2022
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.
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Sep 26, 2022
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.
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Sep 07, 2022
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).
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Aug 30, 2022
If you regularly watch YouTube and don’t have an ad-blocker turned on, then it’s very likely that you’ve been bombarded with annoying ads by a company called OctaFX offering investment and financial services. Well, as it turns out, OctaFX's aforementioned services and operation were never authorised or approved by Bank Negara Malaysia (BNM).
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Aug 12, 2022
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.
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Apr 29, 2022
Today, the Bank Negara Malaysia (BNM) has officially announced five successful applicants for the digital bank licence. If you recall back, a total of 29 applications were sent but only a handful got approved by the Minister of Finance Malaysia.
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