In the wake rising cases of online financial scams, the Association of Banks in Malaysia (ABM) and the Association of Islamic Banking and Financial Institutions Malaysia (AIBIM) have come out reiterating that its member banks will not ask for sensitive customer information such as online banking username and password, and credit or debit card number via phone calls.
However, the only scenarios of a phone call could be to establish the legitimacy of a suspicious or irregular transaction, banks may call customers to seek clarification. During these calls, banks may perform a verification check using partial personal information such as requesting for the last 4-digit of NRIC, to ascertain the identity of customers. This measure is taken to safeguard customers’ accounts and ensure the continued security of their financial information.
The association have advised customers who suspect that they may have received a call from fraudsters impersonating bank officers should immediately hang up and call the bank’s official customer service hotline instead.
The banks have said they will never ask customers for Credit/ debit card number and card verification value (CVV) number, Online banking username and password SMS OTP/ TAC numbers
The banking industry also said they are working closely with regulators and enforcement agencies to secure banking systems and digital platforms, enhance security measures according to latest fraud modus operandi, and identify and freeze banking accounts associated to scammers and mule accountholders.
Since July 2023, the banking industry has implemented the five key measures to further defend against scams, including replacing SMS OTP with a more secure authentication method; tightening fraud detection rules; performing cooling-off period for first-time registration of online banking access; allowing only a single mobile device or secure device to be registered; and enabling a 24/7 dedicated complaint channel for customers.
Customers who have fallen victim to scams should immediately call the National Scam Response Centre at 997 or banks’ 24/7 customer service hotlines for assistance.
To quickly deactivate their online banking access or block credit/ debit cards involved in fraudulent transactions, customers can also opt to use the Kill Switch feature via the online banking platform or mobile banking app.
