KUALA LUMPUR – The Association of Banks in Malaysia (ABM) and Association of Islamic Banking and Financial Institutions Malaysia (Aibim) said banks have taken additional countermeasures to protect cardholders following a cybersecurity breach involving payment gateway iPay88.
In a statement, the associations reaffirmed that banks take their cardholder’s data security seriously.
They said the countermeasures included the increase of real-time fraud monitoring to detect fraudulent and abnormal card usage behaviour.
“The banks have implemented robust multi-layer security measures such as dual-factor authentication to prevent unauthorised credit card and debit card transactions,” the associations said.
“Banks would contact their cardholders directly through the banks’ official channels should they detect unusual transactions which may require added verification.”
This comes in light of the recent announcement by iPay88 that the credit card data of millions of users may have been compromised following a cybersecurity breach.
ABM and Aibim also said cardholders may reach out to their respective issuers via call centres or branches for any assistance related to this matter.
They also reassured cardholders that they may continue to use their bank cards as normal.
“Cardholders are reminded to closely monitor their bank statements and transaction alerts that they receive from their banks.
“In the event that cardholders detect any unauthorised transactions, they should immediately contact their bank at the number printed on the back of the bank card for assistance.
“Cardholders are reminded that in light of more sophisticated cyber security threats, it is more important to be vigilant at all times,” they added. – The Vibes, August 11, 2022.
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