By gradually implementing more stringent security measures, Bank Islam Malaysia Berhad (Bank Islam or the Bank) is committed to ensuring the security of its various banking platforms and safeguarding customers’ interests from fraudulent activities.
On the alleged incident recently shared on a social media platform where an 80- year-old customer’s account was reportedly compromised, the Bank has engaged with the affected customer and has conducted a thorough investigation to address this allegation. The development of the investigation is shared with the affected customer, and preliminary findings revealed that the Bank’s security and controls remain robust.
The Bank empathises with emotional and financial challenges that customers face when they are affected by the action of irresponsible parties. The Bank will continue to ensure that its banking and payment channels remain secure and equipped with the latest security controls.
The Bank will also continue to educate and increase public awareness on good banking practices such as keeping safe custody of debit/credit cards, and not sharing important credentials with third parties including passwords, pin codes for ATMs and debit card and transaction authorisation codes or OTP. These efforts are undertaken with the close cooperation of The Royal Malaysia Police (PDRM), regulators and other industry players.
On the electronic banking front, Bank Islam has implemented GO Secure since 2020. GO Secure is an application-based authentication system used to approve transactions initiated at the Bank Islam Internet Banking (IB) and GO by Bank Islam app. It is much more robust and will eventually replace the i-Access Code (IAC) service sent via SMS to the customer’s registered mobile phone.
The Bank plans to fully migrate to GO Secure by June 2023, in line with Bank Negara Malaysia (BNM)’s direction. On the five recent calls of action announced by BNM, Bank Islam expects to complete them by June 2023.
Bank Islam urges its customers to abide by the golden rule of online banking. NEVER share important banking credentials with third parties. NEVER download or click on ambiguous links and apps, especially if you received any suspicious phone call from dubious parties claiming to be from a law enforcement agency, the Central Bank, or a financial institution such as Bank Islam.
