Extra precautions have been adopted by the Association of Banks to safeguard cardholders from theft.
The relevant authorities have implemented extra steps to protect cardholders from potential dangers in response to the recent frequent bank card fraud cases.
In a joint statement, the Association of Banks (ABM) and the Association of Islamic Banks and Financial Institutions of Malaysia (AIBIM) stated that the Association of Banks takes the security of cardholder data seriously and has taken additional steps to bolster real-time fraud monitoring to stop fraud and unusual user behaviour.
Authentication is one of the robust, multi-layered security procedures that banks have put in place. The bank will get in touch with the cardholder via authorised channels if the system notices a strange transaction that needs additional verification.
The Association of Banks reassures cardholders that normal card usage will continue. Cardholders are advised to carefully review bank statements and transaction notifications, and to contact the bank right once if they discover an unusual transaction.
The supplier of an online payment gateway, iPay88, has found evidence of a network security vulnerability that could expose bank card data of users. Since July 20, iPay88 has not discovered any more suspicious behaviour due to the implementation of several new controls and safeguards.
