BNM teams with banks, law enforcement agencies to combat financial fraud

Bank Negara Malaysia (BNM) has teamed with a number of key stakeholders in the financial industry and legal world to take on financial fraud and scams.

The bank has teamed with Polis Diraja Malaysia, Malaysian Communications and Multimedia Commission and the financial industry to take on fraud and scams as well as create greater public awareness on new fraud tactics.

BNM also remarked that in addition to ensuring more effective preventive measures by financial institutions against new modus operandi, these efforts will also support the recovery of embezzled funds as well as timely and effective investigations by the relevant law enforcement agencies.

BNM said, ?All licensed banks are required 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.p>

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

In 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.

Earlier this year, BNM unveiled a five-year blueprint to help develop the country FinTech industry.

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