THE Association of Banks in Malaysia (ABM) said its member banks have continually heightened and intensified precautionary measures to ensure customers’ data are safeguarded against fraud and unauthorised transactions.

“Robust security mechanisms are in place,” it said in response to a recent article in Nanyang Siang Pau, titled “Enactment of laws to protect bank account”.

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

For the enhanced identity validation, it said the banks 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 the cases of fraud typically involved bank customers who transferred monies out of their bank accounts to fraudsters after falling prey to scams.

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

ABM said the customers were reminded to be vigilant in monitoring their accounts to detect any unauthorised transactions.

“When in doubt, customers should refer only to the bank’s 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 investigation into the incident,” it said.

It said 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, November 30, 2017.