Bank Negara Malaysia has ordered banks to stop using SMS OTP, as a way to fight financial scams!
Here is what you need to know…
BNM : Banks To Stop Using SMS OTP To Fight Scams!
Bank Negara Malaysia (BNM) has ordered banks in Malaysia to stop using SMS OTP (One Time Passwords), and migrate to a more secure form of authentication for online transactions.
This move comes after many Malaysians were hit by scams that bypassed the security offered by SMS OTP, leading to great loss of their hard-earned money.
BNM governor Tan Sri Nor Shamsiah Mohd Yunus said major banks in Malaysia have already started migrating from SMS OTP to more secure forms of authentication.
BNM : More Measures Beyond SMS OTP To Fight Scams!
In addition to “banning” SMS OTP, BNM has ordered the further tightening of detection rules and triggers to block potential scams.
This includes adding a cooling-off period for first-time enrolments of online banking services, as well as devices being registered for authentication purposes.
Banks will also be required to set up dedicated scam hotlines, and provide convenient ways for customers to suspend their bank accounts if they suspect that those accounts have been compromised.
Banks also have to ensure that customers are able to reactivate their accounts after a reasonable period, after ensuring that their accounts have been secured.
Together with the financial industry, BNM will continue to ensure that banking and payment channels remain secure and equipped with the latest security controls. The effort to combat financial crimes also requires the support of all parties. As consumers, each of us are responsible for protecting ourselves from the threat of scams.
The reality, however, is that methods used by criminals will continue to evolve. BNM therefore continuously intensifies efforts and take steps to combat scams by introducing additional controls and safeguards from time to time.
– BNM governor Tan Sri Nor Shamsiah Mohd Yunus
Read more : Bank Negara Malaysia Email Scam Alert!
Despite these efforts, it is critical that we must all learn to safeguard our personal information and avoid downloading files or installing applications from unverified sources on our computer or smartphones.
We should also check our bank and credit card statements, and notify the banks once we notice anything suspicious.
Those who believe that they are victims of a scam should contact the Commercial Crime Investigation Department Scam Response Centre at 03-2610 1559/1599 or BNMTelelink at 1-300-88-5465; and lodge a police report to facilitate investigations.
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