BNM Doubles Down on Efforts to Combat Evolving Financial Fraudsters

BNM Doubles Down on Efforts to Combat Evolving Financial Fraudsters

by June 10, 2022

Bank Negara Malaysia (BNM) steps up collaboration with banks and law enforcement agencies to combat the rapidly evolving threat financial fraudsters.

The central bank said that it requires all licensed banks to adopt high standards of security, particularly for internet and mobile banking services.

This includes routine security reviews and advisories issued by BNM to financial institutions to enhance existing controls and ensure adequate protection against latest threats, while maintaining efficient services for customers.

BNM has been collaborating with Polis Diraja Malaysia (PDRM), Malaysian Communications and Multimedia Commission (MCMC) and the financial industry to coordinate efforts in combating financial fraud and scam, and create greater public awareness on new fraud tactics.

The regulator will also turn its attention to support the recovery of embezzled funds as well as to ensure timely and effective investigations by the relevant law enforcement agencies.

BNM has advised the public to be extra vigilant in safeguarding their personal information and downloading files or applications from unverified sources onto mobile devices.

Users of financial services also have an important role to keep themselves informed of emerging threats through advisories issued by financial institutions, BNM and other authorities, and taking precautions to protect themselves.

Information on the latest threats and measures that individuals can take to protect themselves against evolving threats can be obtained from the Amaran Scam Facebook Page.

Account holders who encounter suspicious transactions involving their bank accounts should immediately notify their banks and contact The Commercial Crime Investigation Department (CCID) Scam Response Centre at 03-2610 1559/1599 and BNMTELELINK at 1-300-88-5465.

This will facilitate immediate measures by CCID in coordination with BNM and banks to help protect affected accounts.

Affected individuals are also urged to lodge a police report to facilitate investigation.

Bank Negara Malaysia said in a statement,

“For cases of unauthorised transactions, BNM requires all licensed banks to ensure proper communication, as well as fair redress for customers who have taken necessary steps to protect themselves and have not acted fraudulently. All banks have been reminded to ensure that they provide the appropriate assistance and information to affected customers on protecting their accounts as well as the status of the banks’ investigations. Appropriate supervisory and enforcement actions will also be taken by BNM in cases where banks have not taken adequate steps to protect their customers or failed to comply with the relevant regulations.”