Banks take extra measures to protect cardholders

Some of the measures include heightening of real-time fraud monitoring to detecting fraudulent and out-of-norm card usage behaviour

THE Association of Banks in Malaysia (ABM) and Association of Islamic Banking and Financial Institutions Malaysia (AIBIM) are taking additional countermeasures to protect cardholders from potential risks that may arise from the recent iPay88 cybersecurity incident.

These include, but are not limited to, heightening of real-time fraud monitoring to detecting fraudulent and out-of-norm card usage behaviour.

ABM and AIBIM said this in a joint statement today in response to iPay88’s report on a cybersecurity incident in May 2022 where card data may have been potentially compromised.

“We would like to reaffirm that banks take the data security of their cardholders seriously,” they said.

The banks have implemented robust multi-layer security measures such as dual-factor authentication to prevent unauthorised credit and debit card transactions.

“Banks would contact their cardholders directly through their official channels should they detect unusual transactions which may require added verification.

“Cardholders may also reach out to their respective issuers via call centres or branches for any assistance related to this matter,” they added.

ABM and AIBIM member banks reassured their cardholders that they may continue to use their bank cards as normal.

“As usual, cardholders are reminded to closely monitor their bank statements and transaction alerts.

“In the event cardholders detect any unauthorised transactions, they should immediately contact their bank for assistance. Cardholders are also reminded that in light of more sophisticated cyber security threats, it is important to be vigilant at all times,” ABM and AIBIM said.

Earlier yesterday, iPay88 said upon discovery of the issue, it immediately initiated an investigation on May 31, 2022, and brought in cyber security experts to contain the issue.

“The containment process was successfully completed and no further suspicious activity has been detected since July 20, 2022,” it said in a statement. – TMR / pic Bloomberg