KUALA LUMPUR, September 27 – Bank Negara Malaysia (BNM) urge financial institutions to migrate from SMS One Time Passwords (OTP) to more Secure Forms of Authentication for Online Activities or Transactions Relating to Account Opening, Fund Transfers and Payments, as well as changes to Personal Information and Account Settings.Financial institutions will further tighten fraud detection rules and triggers for blocking suspected scam transactions. Customers will be immediately alerted when any such activity involving their banking accounts is detected.
As an additional measure, financial institutions will block such transactions, and customers will be asked to confirm that such transactions are genuine before they are unblocked. A cooling-off period will be observed for the first-time enrolment of online banking services or secure devices. During this time, no online banking activity is allowed to be conducted and customers will be restricted to one mobile or secure device for the authentication of online banking transactions; and financial institutions will be required to set up dedicated hotlines for customers to report financial scam incidents.
Financial institutions have been directed to be more responsive to scam reports lodged by customers. Financial institutions have also been directed to facilitate efforts to recover and protect stolen funds, including to work with relevant agencies to prevent further losses said BNM Governor Tan Sri Nor Shamsiah Mohd Yunus said today during the launch of a virtual Financial Crime Exhibition by the BNM Museum and Art Gallery today and jointly officiated by Nor Shamsiah and Inspector-General of Police Tan Sri Acryl Sani Abdullah Sani.