KUALA LUMPUR – Bank Negara Malaysia (BNM) has instructed online payment provider iPay88 to step up its cyber security controls and IT infrastructure.
The central bank in a statement said that it will also continue close monitoring of iPay88’s implementation of such measures, following a cyber security breach a few months ago which the company said “may” have caused the credit card data of millions of users to be compromised.
BNM said its instruction to iPay88 was for additional measures to be taken, to ensure that similar incidents do not recur in the future.
“BNM will continue to closely monitor iPay88’s implementation of these measures and where appropriate, will undertake further supervisory or enforcement action,” it said.
The payment platform had only revealed the cyber security breach in an August 11 press statement and did not specifically state when the breach occurred, but said that it had initiated an investigation on May 31.
It said the containment process was successfully completed and no further suspicious activity had been detected as of July 20.
BNM said banks and card issuers must continue to maintain heightened vigilance for card activities, and assured consumers that Malaysia’s banking and payment systems remain safe and secure.
“Under existing payment card rules, customers will not be liable for any fraudulent or unauthorised transactions, as long as customers have taken reasonable precautions to safeguard their payment cards,” it said. – The Vibes, October 7, 2022
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