Banks in Malaysia are taking a significant step forward in protecting customers from financial scams. Member banks of The Association of Banks in Malaysia (ABM) and The Association of Islamic Banking and Financial Institutions Malaysia (AIBIM) have commenced the implementation of malware-shielding technology on their mobile banking applications (apps), thus providing further protection to banking customers from falling victim to malware scams.
The new technology, malware shielding, is a preventive security measure embedded within the banks’ native mobile banking apps. To date, banks that have enabled the malware shielding detection capability on their mobile banking apps include Alliance Bank, AmBank, Bank Muamalat, Bank Simpanan Nasional, CIMB Bank, HSBC Bank, Maybank, MBSB Bank, OCBC Bank, Public Bank, RHB Bank, Standard Chartered, and UOB Bank.
It has the capability to detect high-risk malware in scenarios such as malicious APK files and suspicious remote monitoring access on customers’ devices, amongst others. The technology helps to detect malicious applications or suspicious functionalities by acting as a vigilant digital guard. It warns or stops customers from performing banking activities on compromised devices.
Dato’ Seri Abdul Rasheed Ghaffour, Governor of Bank Negara Malaysia said, “The fight against online scams is a shared responsibility. We welcome this effort by the banks to enhance their online banking apps with malware-shielding technology to curb malware-related scams.
“This helps to create a more secure banking environment for all Malaysians. We also urge members of the public to remain vigilant against requests to download apps from unofficial sources.”
Dato’ Khairussaleh Ramli, Chairman of The Association of Banks in Malaysia said, “Building upon the five key measures to combat financial scams, the implementation of malware shielding technology marks a significant step forward in our collaborative efforts in line with advice from Bank Negara Malaysia, who has been instrumental in driving this industry-wide initiative.
“We are proud to announce that all ABM and AIBIM member banks are actively engaged in a phased rollout process to integrate this crucial security measure.”
He continued, “Emphasising customer privacy, malware shielding is only activated upon the customer launching the mobile banking app, and does not run in the background 24/7. We would like to assure our customers that their banking information and personal data remain confidential and protected.”
In instances where a customer’s device is identified as potentially compromised by malware app shielding protocols, temporary restrictions on using the bank’s mobile app might be implemented.
This technology helps identify potential vulnerabilities that could be exploited by malicious actors. Coupled with customers’ own vigilance, the feature could help prevent unauthorised transactions and protect customers’ funds.
Banks remain committed to ensure a seamless integration of malware shielding capabilities on mobile banking platforms. There are established procedures to assist customers who may encounter these temporary restrictions. Customers are encouraged to reach out to their bank’s 24/7 fraud hotline for assistance.
While the implementation of malware shielding by banks helps to reinforce safeguards and increase resistance against malware scams on end-point devices, customers are urged to continue to protect themselves by observing good cyber hygiene rules and mobile banking habits, such as the following:
- Never download any APK file from links, especially on messaging apps such as Telegram and WhatsApp. Only download apps from official app stores such as Apple App Store and Google PlayStore;
- Never allow third-party app permissions to monitor or control your device, application and gestures, which can compromise your banking details; and
- Never use unsecured or public Wi-Fi networks, to deter attackers from sneaking malware into your device.
In July 2023, the banking industry implemented five key measures to combat financial scams, including replacing SMS OTP with a more secure authentication method; tightening fraud detection rules; performing cooling-off period for first-time registration of online banking access; allowing only a single mobile device or secure device to be registered; and enabling a 24/7 dedicated complaint channel for customers.
To raise fraud literacy levels in the country, banks in Malaysia launched the #JanganKenaScam national awareness campaign in October 2023, to equip customers with the knowledge to identify red flags associated with various scam tactics. To find out more about the campaign, customers may visit www.JanganKenaScam.com.
To find out more about each bank’s malware shielding implementation, customers are encouraged to contact their respective banks or visit their banks’ websites.
