Bank Negara Malaysia, Banks and Law Enforcement Agencies Work Together to Combat Financial Frauds

Bank Negara Malaysia (BNM) released a statement today that all licensed banks are required to adopt high standards of security, particularly for internet and mobile banking services. This includes routine security reviews and advisories issued by BNM to financial institutions to enhance existing controls and ensure adequate protection against latest threats, while maintaining efficient services for customers.

There have been many fraud cases reported in the press reports recently. This includes new approaches of tricking bank account holders into revealing their banking details or installing malware on their devices.

BNM has been collaborating with Polis Diraja Malaysia (PDRM), Malaysian Communications and Multimedia Commission (MCMC) and the financial industry to coordinate efforts in combating financial fraud and scam, and create greater public awareness on new fraud tactics. In addition to ensuring more effective preventive measures by financial institutions against new modus operandi, these efforts will also support the recovery of embezzled funds as well as timely and effective investigations by the relevant law enforcement agencies.

The public is advised to be extra vigilant in safeguarding their personal information and downloading files or applications from unverified sources onto mobile devices. Users of financial services also have an important role to keep themselves informed of emerging threats through advisories issued by financial institutions, BNM and other authorities, and taking precautions to protect themselves. Information on the latest threats and measures that individuals can take to protect themselves against evolving threats can be obtained from the Amaran Scam Facebook Page at

BNM also urges all banks to provide the appropriate assistance and information to affected customers on protecting their accounts as well as the status of the banks’ investigations.

9 June 2022

Author: Terry KS

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