ABM, AIBIM: Banks take data security seriously

KUALA LUMPUR: The Association of Banks in Malaysia (ABM) and the Association of Islamic Banking and Financial Institutions Malaysia (AIBIM) reaffirmed that they take the security of cardholders’ data seriously.

They said this in a joint statement in response to a recent iPay88 announcement that card data may have been potentially compromised in a cyber security incident.

Both associations said banks have taken additional countermeasures to protect cardholders from potential risks arising from this incident. These measures include but are not limited to a heightening of realtime fraud monitoring to detect fraudulent and out-of-norm card usage behaviour.

“The banks have implemented robust multi-layer security measures such as dual-factor authentication to prevent unauthorised credit card and debit card transactions.

“Banks would contact their cardholders directly through the banks’ official channels should they detect unusual transactions which may require added verification. Cardholders may also reach out to their respective issuers via call centres or branches for assistance related to this matter,” the statement said.

ABM and AIBIM member banks also reassured their cardholders that they may continue to use their bank cards as normal, but are reminded to closely monitor their bank statements and transaction alerts from their banks.

“In the event cardholders detect any unauthorised transactions, they should immediately contact their bank at the number printed on the back of the bank card for assistance.