Enhancing vigilance on scams

From January to October 2023, 13 ABM and AIBIM member banks had successfully blocked or prevented fraudulent transactions worth RM351mil and protected customers from scams.

Given the success in fending off spurious transactions and scams worth more than a third of a billion ringgit in 10 months, ABM chairman Datuk Khairussaleh Ramli said the association aims to further fortify the foundations of Malaysia’s banking ecosystem, with stronger collaboration and adherence to industry best practices.

However, he suggested that advanced fraud detection systems that analyse patterns and behaviors should be utilised to identify potential fraudulent activities, with alerts triggered for further investigation in the case of unusual transactions or deviations from normal spending patterns. Wong added: “Be wary of investment opportunities guaranteeing returns, and conduct thorough research to stay vigilant against potential scams.”

Bankingsecurity Fraudprevention ABM AIBIM Customersafety Scamdetection Onlinetransactions Vigilance

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