Kuala Lumpur, Thursday, 11 August 2022 – In light of the recent announcement by iPay88 on the cybersecurity incident where card data may have potentially been compromised, The Association of Banks in Malaysia (ABM) and Association of Islamic Banking and Financial Institutions Malaysia (AIBIM) would like to reaffirm that banks take seriously the data security of their cardholders.
Therefore, the banks have taken additional countermeasures to protect cardholders from potential risks that may arise from this incident. These include, but are not limited to, heightening of real-time 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 any assistance related to this matter.
ABM and AIBIM member banks wish to reassure their cardholders that they may continue to use their bank cards as normal. As usual, cardholders are reminded to closely monitor their bank statements and transaction alerts that they receive 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. Cardholders are reminded that in light of more sophisticated cyber security threats, it is important to be vigilant at all times.
A list of contact details for ABM member banks and AIBIM can be obtained from the respective Association’s websites, www.abm.org.my