Banks in Malaysia are rolling out malware shielding technology in their mobile banking apps as a new measure to protect customers from financial scams.
Member banks of the Association of Banks in Malaysia (ABM) and the Association of Islamic Banking and Financial Institutions Malaysia (AIBIM) have begun implementing this technology to safeguard against malware-related threats.
The malware shielding technology is embedded within the banks’ native mobile apps and is designed to detect high-risk malware, including malicious APK files and suspicious remote monitoring access on customers’ devices.
Acting as a digital guard, the technology alerts or prevents users from conducting transactions on compromised devices.
Several banks have already activated this feature, including Alliance Bank, AmBank, Bank Muamalat, Bank Simpanan Nasional, CIMB Bank, HSBC Bank, Maybank, MBSB Bank, OCBC Bank, Public Bank, RHB Bank, Standard Chartered, and UOB Bank.
In instances where a device is identified as potentially compromised, temporary restrictions may be applied to the bank’s mobile app usage.
This proactive measure is aimed at safeguarding customers’ funds by identifying and addressing vulnerabilities that could be exploited by malicious actors.
Banks urge customers to continue practicing good cyber hygiene, such as avoiding the download of APK files from untrusted sources, including messaging apps like Telegram and WhatsApp, and refraining from using unsecured Wi-Fi networks.
Customers should only download apps from official app stores like the Apple App Store and Google PlayStore.
The banking industry is continuing to integrate malware shielding into mobile banking platforms.
Established procedures are in place to assist customers who encounter temporary restrictions due to malware detection.
Additionally, banks have launched the #JanganKenaScam national awareness campaign to educate customers about various scam tactics.
Dato’ Seri Abdul Rasheed Ghaffour, Governor of Bank Negara Malaysia said,
“The fight against online scams is a shared responsibility. We welcome this effort by the banks to enhance their online banking apps with malware-shielding technology to curb malware-related scams.
This helps to create a more secure banking environment for all Malaysians. We also urge members of the public to remain vigilant against requests to download apps from unofficial sources.”
Dato’ Khairussaleh Ramli, Chairman of The Association of Banks in Malaysia said,
“We are proud to announce that all ABM and AIBIM member banks are actively engaged in a phased rollout process to integrate this crucial security measure.
Emphasising customer privacy, malware shielding is only activated upon the customer launching the mobile banking app, and does not run in the background 24/7. We would like to assure our customers that their banking information and personal data remain confidential and protected.”
Featured image credit: Edited from Freepik
