Online banking fraud in Malaysia on the decline

Efforts by Malaysian banks to ensure the safety of e-banking services are paying off.

These resulted in the decline of online banking fraud cases in Malaysia since last year.

Bank Negara Malaysia Assistant Governor Abu Hassan Alshari Yahya said as of last year, losses due to online

banking fraud, had dropped to RM3.2 million from RM3.4 million previously.

"Although the amount was less than 0.0026 per cent of the RM15 trillion transactions recorded last year, we still need to be cautious as scammers are always finding new ways to defraud innocent victims," he he told reporters after launching the e-Banking Awareness Campaign.

The six-month campaign is a collaborative effort spearheaded by the 13 commercial banks in the country, key member banks of the Association of Islamic Banking Malaysia, Cyber Security Malaysia, the Malaysian Communications and Multimedia Commission and the Royal Malaysian Police.

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