Bank Negara Malaysia (BNM) takes all forms of financial fraud seriously

BNM steps up collaboration with banks and law enforcement agencies to combat new modus operandi by financial fraudsters

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In a statement released by Bank Negara Malaysia (BNM), 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 the latest threats while maintaining efficient services for customers.

Fraud risk is constantly evolving, as scammers continue to devise more sophisticated means of defrauding the public. This includes new approaches of tricking bank account holders into revealing their banking details or installing malware on their devices. The financial industry and authorities, therefore, continue to remain vigilant against the new modus operandi.

BNM has been collaborating with Polis Diraja Malaysia (PDRM), Malaysian Communications and Multimedia Commission (MCMC) and the financial industry to coordinate efforts in combating financial fraud and scams, and to create greater public awareness of new fraud tactics. 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.

The public is advised to be extra vigilant in safeguarding their personal information and downloading files or applications from unverified sources onto mobile devices. Users of financial services also have an important role to keep themselves informed of emerging threats through advisories issued by financial institutions, BNM and other authorities, and taking precautions to protect themselves. Information on the latest threats and measures that individuals can take to protect themselves against evolving threats can be obtained from the Amaran Scam Facebook Page at https://www.facebook.com/amaranpenipuan/.

Account holders who encounter suspicious transactions involving their bank accounts should immediately:

  1. Notify their banks;
  2. Contact the following numbers:
    1. The Commercial Crime Investigation Department (CCID) Scam Response Centre at 03-2610 1559/1599
    2. BNMTELELINK at 1-300-88-5465

This will facilitate immediate measures by CCID in coordination with BNM and banks to help protect affected accounts; and

  1. Lodge a police report to facilitate the investigation.

For 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. All banks have been reminded to ensure that they provide the appropriate assistance and information to affected customers on protecting their accounts as well as the status of the banks’ investigations.

Appropriate supervisory and enforcement actions will also be taken by BNM in cases where banks have not taken adequate steps to protect their customers or failed to comply with the relevant regulations.