Financial institutions in Malaysia have successfully blocked a significant amount of fraudulent transactions, demonstrating the effectiveness of preventative measures implemented by Bank Negara Malaysia (BNM).
Financial institutions in Malaysia have successfully blocked RM302 million in suspicious and fraudulent transactions between January and September. Deputy Finance Minister, Lim Hui Ying, said this was due to the implementation of five main preventive measures by financial institutions under the supervision of Bank Negara Malaysia ( BNM ) to ensure the safety of online banking users.
'Since September 2022, financial institutions have successfully blocked suspicious and fraudulent transactions worth RM383 million in 2023 and RM302 million as of September this year. 'The trend of phishing and malware scams reported to BNM has also shown a 60% decline,' he said in the Senate today, answering a supplementary question from Senator Datuk Bobbey Suan on the government's guarantee regarding the safety of users involved in online banking. Further elaborating, Hui Ying said BNM will continue to strengthen internet and mobile banking security by implementing additional measures, empowering financial institutions to detect suspicious and fraudulent transactions. He added that BNM will also take immediate action by directing banks involved in incidents of disruption to online banking services to determine the root cause of the disruption. 'The central bank has also instructed the banks involved to implement appropriate corrective and preventive measures to prevent the recurrence of similar issues. 'BNM is also conducting close monitoring to ensure that the involved banks restore normal banking services as quickly as possible,'
MALAYSIA BANKING FRAUD SECURITY BNM
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