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Malaysian banks to complete countermeasures to scams in June 2023

The Association of Banks in Malaysia (ABM) announced that financial institutions in the country aim to fully implement Bank Negara Malaysia’s (BNM) five key measures against financial scams by June next year. Datuk John Chong Eng Chuan, the chair of the industry taskforce on measures to combat financial scams as well as Maybank group CEO of community financial services, said that more than 80% of banks have already moved to a 24/7 dedicated complaint channel for customers to report incidents and to allow only a single mobile device or secure device to be registered. He is hoping to complete all the key measures by June 2023. The measures include amplifying education and awareness among the public under the National Scam Awareness Campaign launched in October 2022 to be more vigilant against financial scams and frauds.


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