Precautionary measures in place to detect fraud, unauthorised transactions — ABM

KUALA LUMPUR: The Association of Banks in Malaysia (ABM) have assured bank customers that its member banks have continually heightened and intensified precautionary measures to ensure the bank customers’ data are safeguarded against banking fraud and unauthorised transactions.

“Robust security mechanisms are in place to detect the same,” it said in responce to a recent article in Nanyang Siang Pau, titled ‘Enactment of laws to protect bank account’.

It said banks had also introduced additional measures for identity verification in respect of banking transactions, namely, new applications for bank loans, opening of new banking accounts and new online applications and interbank transfers.

For the enhanced identity validation, it said, the banks would require customers to provide additional documentation, such as utility bills and other proof of ownership/ identity, as well as biometric authentication.

“Banks have been regularly educating and advising customers via SMS, email notifications and online banking portals to be on alert for scams and other forms of fraud,” it said.

The association said that as reported in the media, the cases of fraud typically involved bank customers themselves who transferred monies out of their bank accounts to fraudsters after falling prey to these scams.

“These are not cases of the banks’ systems being breached/ compromised,” it said.

ABM said the customers were therefore reminded to always remain highly vigilant in monitoring their banking accounts to detect any unauthorised transactions and also avoid falling prey to such scams.

“When in doubt, customers should refer only to the bank’s official channels such as its website, call centre and/or branches for clarification.

“In the event a fraudulent or unauthorised transaction is discovered, customers are advised to notify their banks immediately to enable the banks to initiate due investigation into the incident,” it said.

Banks have ready investigation procedures in place to assist customers affected by unauthorised bank account transactions and identity misuse, it said.

It said the members of the public may contact ABMConnect at 1300-88-9980 or via eABMConnect at www.abm. org.my for any enquiries or complaints relating to banking matters. - Bernama