KUALA LUMPUR, December 30 – Malaysian financial institutions have successfully blocked RM302 million in fraudulent and suspicious transactions as of September this year, according to Deputy Finance Minister Lim Hui Ying. This marks a significant achievement under preventive measures supervised by Bank Negara Malaysia (BNM).
Since September 2022, over RM685 million in fraudulent transactions have been intercepted, and reported cases of data phishing and malware have decreased by 60%. Lim also highlighted BNM’s swift response to disruptions in online banking services, requiring affected institutions to identify root causes and implement corrective measures.
Enforcement actions, including administrative monetary penalties, were imposed on two banks in July 2024 for regulatory violations. These measures underscore BNM’s commitment to enhancing the safety and resilience of internet and mobile banking services across Malaysia.
