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Thursday, 16 June 2022

Remain vigilant against financial fraud

 

Cases of bank accounts looted by dodgy apps on the rise ...

THE Association of Banks in Malaysia (ABM) would like to remind members of the public to remain vigilant at all times to safeguard personal information. This includes avoiding downloading files or applications from unverified sources onto mobile devices.

ABM would like to draw the public’s attention to the safety measures recommended by the Malaysia Computer Security Response Team’s (MyCERT) security advisory, published recently.

Here are some of the safeguards recommended by MyCERT:

> Do not install any app or Android package kit (.apk) file from unknown sources. This is because it may be malware designed to steal your personal details and your online banking credentials.

> Do not click on adware or suspicious URLs sent through messaging services.

> Do not root or jailbreak your device.

> Verify an application’s permission settings and the application’s author or publisher before installing it.

> Only download apps from official sources.

> Do install antivirus software on your devices and run it regularly.

> Update your device’s operating system and apps regularly.

With cybercriminals and online fraudsters constantly changing their methods, ABM would also like to urge the public to remember the following:

> Never divulge your personal details and/or banking credentials to unknown or unverified parties.

> Never disclose your transaction authorisation code (TAC) or personal identification number (PIN) or your online login username and password to anyone.

> Never click on any links to banks’ websites that are sent from unknown, suspicious or unverified emails. Always key in your bank’s website address directly into the URL bar in your Internet browser or use your bank’s official mobile app.

> Avoid websites offering products at prices that are too good to be true and are littered with spelling mistakes – these tend to be fraudulent sites.

> Avoid using 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.

> 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.

Bank account holders are also advised to monitor your statements as well as transaction alerts from the banks closely.

If you notice any unusual or suspicious transactions, contact your bank as soon as possible to report it. Next, lodge a report with the police. Thereafter, notify the bank in writing with a copy of the police report and all relevant records and documentation, such as transaction history, etc. Due investigation processes are in place to determine if the reported transaction is indeed unauthorised.

ABM would like to reiterate that member banks are required to adopt high standards of security, including for Internet and mobile banking services. Routine security reviews and advisories are also issued by Bank Negara Malaysia to financial institutions to ensure adequate protection against the latest threats.

The public are advised to keep informed of emerging threats through the advisories issued by financial institutions, Bank Negara Malaysia and other authorities to protect themselves. Information on the latest threats and measures that you can take to protect yourself against cybercriminals and online fraudsters can be obtained from abm.org.my/consumer-information/fraud-alerts.

ASSOCIATION OF BANKS IN MALAYSIA 

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