BNM: Banks to migrate from SMS OTP to more secure forms of authentication theSun theSundaily cybersecurity scam BNM Malaysia
: Bank Negara Malaysia has announced additional measures that will be undertaken by the banking industry to combat financial scams, including the migration of SMS One Time Passwords to a more secure form of authentication for online activities or transactions relating to account opening, fund transfers and payments, as well as changes to personal information and account settings.
“Together with the financial industry, BNM will continue to ensure that banking and payment channels remain secure and equipped with the latest security controls. The effort to combat financial crimes also requires the support of all parties. As consumers, each of us are responsible for protecting ourselves from the threat of scams,“ she said in a statement in conjunction with the launch of the Financial Crime Exhibition by BNM Museum and Art Gallery today.
In addition, financial institutions are required to provide convenient ways for customers to suspend their bank accounts if they suspect that their accounts have been compromised as a result of a scam. Customers will also be able to subsequently reactivate their accounts after a reasonable period to ensure that their accounts are secure.
France Dernières Nouvelles, France Actualités
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