KUALA LUMPUR: Thirteen member banks under the Association of Banks in Malaysia (ABM) and Association of Islamic Banking and Financial Institutions Malaysia (AIBIM) collectively prevented fraudulent transactions totalling RM351 million.
This successful effort protected customers from scams during the period from January to October 2023.
In a joint statement, ABM and AIBIM said this achievement underscored their unwavering commitment to robust fraud prevention measures, as they remain steadfastly vigilant and proactive in their anti-scam endeavours.
"The detection and prevention actions by banks saved customers from being defrauded of their funds through various fraudulent schemes such as e-commerce, job application, investment, impersonation as well as phishing scams."
ABM chairman, Datuk Khairussaleh Ramli said that there is a joint commitment among associations and member banks to enhance awareness and prevention of scams by ABM and AIBIM.
"The joint efforts to enhance awareness and prevent scams by ABM and AIBIM demonstrate the commitment of the associations and member banks to establish a secure banking environment. This ensures that customers can trust the safety of their financial transactions.
"With collaboration and adherence to industry best practices, we aim to fortify the foundations of our banking ecosystem, offering our customers the peace of mind they rightfully deserve," he said.
AIBIM president, Datuk Mohd Muazzam Mohamed, said that collaborative efforts have led to positive impacts on customers due to enhanced security measures in financial fraud prevention by banks.
"Through our collective initiatives, customers have also proven to be positively impacted by the banks' efforts through enhanced security measures in financial fraud prevention - ultimately helping them save significant amounts from being lost to scammers," he said.
He added that ABM, AIBIM, and their member banks will continue to work closely with law enforcement agencies and financial regulators, including Bank Negara Malaysia (BNM) and the Royal Malaysia Police (PDRM), as well as the Malaysian Communications and Multimedia Commission (MCMC).
"We will also collaborate with stakeholders such as CyberSecurity Malaysia to spread the message that customers should remain vigilant and exercise caution while conducting financial transactions," he said.
"ABM and AIBIM urge individuals to report any suspicious activities promptly to their respective banks so that they can take necessary actions."