Bank Rakyat introduced a new security feature called iSecure as a measure to strengthen its digital banking system and protect its customers from online financial fraud activities.
From 30 June 2023, the iSecure digital authentication method will replace the use of the transaction authentication code (TAC) where customers will no longer need to obtain the code through a short message service (SMS) to perform transactions on the iRakyat mobile banking application.
Through iSecure, all customer transactions can be made quickly and securely with just one click on the iRakyat mobile banking application using a single registered device only.
As a measure to improve security and prevent unauthorized transaction verification, customers who register for iRakyat for the first time will go through a ‘quiet period’ for 12 hours before executing a transaction.
At the same time, Bank Rakyat also introduced the iLock security feature that allows customers to deactivate access on the iRakyat mobile banking application and block all transactions immediately and easily to protect their savings accounts in the event of suspicious transactions.
CEO of Bank Rakyat, Dr. Mohammad Hanis Osman said, “This new security feature is Bank Rakyat’s continued commitment in prioritizing customer banking security, especially to curb online financial fraud that is becoming more prevalent.
Customer safety is always our priority. Therefore, the Bank is committed to meeting the needs of customers by ensuring high technology security standards while maintaining efficient digital banking services to customers,” said Dr. Mohammad Hanis.
According to him, this initiative is also in line with the aspirations of the Best Customer Experience and Digitalization Blueprint drawn up through the Bank Rakyat 2025 (BR25) strategic plan in addition to supporting Bank Negara Malaysia’s (BNM) recommendations to improve the banking security system as well as customer awareness of the modus operandi of financial fraud in line.
Through the introduction of this new security feature, Bank Rakyat encourages customers to download the iRakyat mobile banking application before 30 June 2023 to ensure a smooth banking experience. In addition, customers must also have a smartphone according to the specified specifications, which are Android 9.0 and above and iOS 12.1 and above.
“Customers should also be vigilant by taking security measures such as not sharing personal details and banking information, not downloading or clicking on links without verification and always updating mobile devices with the latest operating systems,” added Dr. Mohammad Hanis.
