KUALA LUMPUR: RHB Banking Group has taken various initiatives to safeguard its customers from fraudulent activities and financial scams.
Its group managing director and group chief executive officer Mohd Rashid Mohamad said RHB, as a custodian of public monies, views fraudulent activities and financial scams seriously.
He said among the initiatives taken include a dedicated 24/7 Monitoring and Detection Team that monitors suspicious transactions and performs call-out verification with customers, as well as e-mails and SMS messages targeted at vulnerable customers to help them avoid potential threats.
"RHB is also continuously identifying, detecting, and taking down fake social media profiles, mobile apps, and phishing websites which is also important in reducing the overall threat of financial fraud and scams to our customers.
"We also seek to understand and identify common fraud demographics and trends through the use of data analytics and have in place a Two-Way SMS system to inform customers on suspicious or abnormal transaction behaviour relating to their accounts.
"Our ability to identify fraudulent activity is further strengthened through the optimisation of detection parameters and fine-tuning of transaction thresholds that are based on existing and new fraud trends and methods," he said in a reply to a query from the New Straits Times.
Rashid added that RHB has also continued its efforts to increase fraud awareness through its corporate website, as well as making available fraud awareness content on bank's social media channels.
"RHB customers may also obtain information and tips regarding fraud and scams via the RHB Group WhatsApp Chatbot."
Earlier today, Bank Negara Malaysia (BNM) instructed financial institutions to take several measures to further strengthen safeguards against financial scams.
These include instructing financial institutions to migrate from SMS One Time Passwords (OTP) to more secure forms 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.
Rashid said RHB applauds the measures announced by BNM to combat financial scams.
"These measures are indeed timely and would greatly assist financial institutions to effectively prevent financial crimes as well as better protect and safeguard the interests of all our customers."