News & Reviews:   Banks

As the Malaysian government targets 15 million new MyDigital ID registrations during 2026, it seems that bank users will be part of it. According to this news source, 18 banking institutions in Malaysia have confirmed their participation in Phase 2 of the MyDigital ID sandbox. This phase focuses on testing e-verification technology designed to securely confirm a user’s identity when opening new accounts or conducting real-time banking operations.

Malaysia’s banking industry is stepping up its cybersecurity messaging, as member banks of the Association of Banks in Malaysia (ABM) and the Association of Islamic Banking and Financial Institutions Malaysia (AIBIM) jointly urge customers to keep their web browsers and mobile devices fully updated. The move comes amid rising online scams and malware threats that increasingly exploit outdated software and unsupported operating systems.

The amount of scam and fraud cases is rising daily. Recently, ABM announced they have blocked over RM350 million in fraudulent transactions from January to October 2023. This is what you should know about it.