Precautionary measures are in place to detect fraud and unauthorised transactions

November 30, 2017
Kuala Lumpur, 30 November 2017 – In response to a recent article published in Nanyang Siang Pau titled “Enactment of laws to protect bank accounts”, The Association of Banks in Malaysia would like to assure bank customers that our member banks have continually heightened and intensified precautionary measures to ensure bank customers’ data are safeguarded against banking fraud and unauthorised transactions. Robust security mechanisms are in place to detect the same.

Banks have also introduced additional measures for identity verification in respect of banking transactions, namely new application for bank loans, opening of new banking accounts and new online application and interbank transfers. For the enhanced identity validation, banks would 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. As reported in the media, the cases of fraud typically involved bank customers themselves who transferred monies out of their bank accounts to fraudsters after falling prey to these scams. These are not cases of the banks’ systems being breached/compromised.

Customers are therefore reminded to always remain highly vigilant in monitoring their banking accounts to detect any unauthorised transactions and also avoid falling prey to such scams. When in doubt, customers should refer only to the bank’s official 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 due investigation into the incident. Banks have ready investigation procedures in place to assist customers affected by unauthorised bank account transactions and identity misuse.

Members of the public may contact ABMConnect at 1300-88-9980 or via eABMConnect at for any enquiries or complaints relating to banking matters.
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