ABM warns public to be vigilant against financial fraudsters

ABM warns public to be vigilant against financial fraudsters
-A +A

KUALA LUMPUR (June 10): The Association of Banks in Malaysia (ABM) has reminded the public to remain vigilant at all times to safeguard their personal information.

Bank account holders are advised to monitor their statements as well as transaction alerts from the banks closely, according to its statement on Friday (June 10).

If account holders notice any unusual or suspicious transactions, they should contact their bank as soon as possible to make a report regarding the said transactions, ABM explained.

“ABM would like to reiterate and assure that member banks are required to adopt high standards of security, which includes internet and mobile banking services.

“Routine security reviews and advisories are also issued by Bank Negara Malaysia (BNM) to financial institutions to enhance existing controls and ensure adequate protection against latest threats, while maintaining efficient services for customers.

“The public is advised to keep informed of emerging threats through the advisories issued by financial institutions, BNM and other authorities to protect themselves,” it said.

Meanwhile, the association also highlighted the safety measures recommended by the Malaysia Computer Security Response Team’s security advisory to avoid financial malware.

  • Do not install any app or Android Package Kit (.apk) file from unknown sources. This is because it may be a malware designed to steal personal details, and online banking credentials;
  • Do not click on adware or suspicious URL sent through SMS/messaging services;
  • Do not root or jailbreak the device;
  • Verify an application’s permission settings and the application author or publisher before installing it;
  • Only download apps from official sources;
  • Install an antivirus on the mobile device and run it regularly; and
  • Update your mobile device’s operating system and apps regularly.

As cybercriminals and online fraudsters constantly change their methods, ABM urged the public to:

  • never divulge personal details and/or banking credentials to unknown or unverified parties;
  • never disclose the Transaction Authorisation Code (TAC) or Personal Identification Number (PIN) or online login username and password to others;
  • never click on any links to banks’ websites that are sent from unknown, suspicious or unverified emails. Always key in the bank’s website address directly into the URL bar in internet browser or use the bank’s official mobile app;
  • avoid fake websites that impersonate and offer popular products or services. Fraudulent websites will commonly offer prices that are too good to be true and often be littered with spelling errors;
  • avoid the use of public or open WiFi networks for online banking;
  • always ensure that the banking website or banking app that you are using is genuine and official; and
  • always refer to your bank’s official website or contact your bank’s hotlines (stated on the back of your credit card or on the banks’ websites) directly for information, verification and clarification when in doubt.


Lee Weng Khuen