To curb potential scam activities, the Association of Banks in Malaysia (ABM) and the Association of Islamic Banking and Financial Institutions Malaysia (AIBIM) have jointly issued a reminder to consumers not to reveal their sensitive information over the phone. They have reiterated that all member banks will not ask for sensitive customer information such as your password and credit or debit card numbers via phone calls.
Banks will never ask for sensitive customer info
The associations warned bank customers who suspected that they may have received a call from fraudsters impersonating bank officers should immediately hang up and call the bank’s official customer service hotline instead. The banks reiterate that they will never request the following information:
- Credit/Debit card number and Card Verification Code (CVV) number
- Online banking username and password
- SMS OTP / TAC numbers
Banks may request partial information for verification
However, in some scenarios, banks may call customers to seek clarification to establish the legitimacy of a suspicious or irregular transaction. During these calls, banks may perform a verification check by requesting partial personal information such as the last 4 digits of your NRIC, to ascertain the identity of customers. According to the statement, this measure is taken to safeguard customers’ accounts and ensure the continued security of their financial information.
Banks have implemented 5 key measures to curb scams
According to the banking associations, the banking industry works closely with regulators and enforcement agencies to secure banking systems and digital platforms, enhance security measures according to the latest fraud modus operandi, and identify and freeze bank accounts associated with scammers and mule accountholders.
These measures include:
- Replacing SMS OTP with a more secure authentication method
- Tightening fraud detection rules
- Performing a cooling-off period for first-time registration of online banking access
- Allowing a single mobile device or secure device to be registered
- Enable 24/7 dedicated complaint channel for customers
What should you do if you become a scam victim?
Customers who have fallen victim to scams should immediately call the National Scam Response Centre (NSRC) at 997 or call the bank’s 24/7 customer service hotlines for assistance. Customers can use the Kill Switch feature on their respective online banking platforms or mobile banking apps to quickly deactivate their online banking access or block compromised credit or debit cards.
To find out how to identify the latest scam tactics, you can visit the Jangan Kena Scam website.
