Bank Islam Ramps Up Security Amid the Rise of Financial Fraud

Bank Islam Malaysia Berhad (Bank Islam or the Bank) announced that it has completed the implementation of the five main steps to prevent financial frauds across its different online and mobile banking transaction platforms, with three additional security upgrades implemented today.

The implementation came earlier than the 30 June 2023 deadline set by Bank Negara  Malaysia (BNM) for all financial institutions to tackle the rise of payment-related fraud  incidents globally and domestically.

Customers can now self-protect their funds from online scams and temporarily  deactivate access to their Bank Islam Internet Banking (IB) account, GO by Bank Islam  (GO) and GO Biz by Bank Islam (GO Biz) banking apps through a new Kill Switch feature.  The new security element also immediately blocks all outgoing transactions from  customers’ Bank Islam Debit-i cards.

The Kill Switch feature is available on both mobile banking apps and IB, accessible by  clicking the “Kill Switch” button located on the main site of Bank Islam Internet Banking  homepage. Mobile app customers will be directed to the Kill Switch homepage in their  mobile browser once the “Kill Switch” button is clicked on the GO or GO Biz app.

The Bank will also execute a Cooling-off Period, a 12-hour waiting interval for any new  application or request made on IB, GO and GO Biz. The additional safety features include  first-time registration for IB, GO and GO Biz, account reregistration and forgot password

requests, change in transaction limit and update of email address, linking of accounts  and activation for online purchases using Bank Islam Debit Card-i.

The feature will be effective immediately once customers make a new request in the  settings of their online or mobile banking platforms. Its primary objective is to safeguard  customers’ accounts against fraudulent individuals attempting to transact without  authorisation. This cooling-off period grants customers additional time to respond  accordingly when they receive push notifications or emails regarding these modifications  made to their accounts.

The Bank has also fully migrated to an application-based authentication system, GO  Secure, to approve transactions initiated on IB and GO today. The transaction includes  fund transfers and payments, changes of personal information and account settings. The  more robust safety system, implemented in 2020, replaces the i-Access Code (IAC)  service sent via SMS to the customer’s registered mobile phone.

Previously, the Bank has implemented Device-binding security measures since the  inception of GO in 2019.

Device binding is the process of registering a single device as a customer’s trusted  appliance for banking. Once registered, customers are allowed access to GO or GO Biz  from the device. Bank Islam does not permit mobile banking services on rooted or  jailbroken gadgets. Customers must register their device via their IB account after  downloading GO or GO Biz to device-bind.

Bank Islam also introduced a Fraud Hotline through its Contact Centre on 15 December  2022, providing an around-the-clock, 24-hour, 7 days-a-week channel for customers to  report scams or potentially fraudulent activities on their accounts. Customers can call 03- 26 900 900 to make their report or enquiries.

Bank Islam Group Chief Executive Officer, Mohd Muazzam Mohamed, said, “The Bank empathise with the emotional and financial challenges that customers face when they

are affected by the action of irresponsible parties. We will continue to ensure that its  banking and payment channels remain secure and equipped with the latest security  controls, providing customers with peace of mind when banking with us.

He adds, “Some of the safety features may cause more time for customers to transact;  however, these measures are necessary to minimise monies lost due to the actions of  irresponsible parties.”

The Bank is not only enhancing the security features on Bank Islam’s central platform and  offering and tightening its security measures on its fully could-native digital banking  proposition, Be U (pronounced as ‘Be You’).

“Be U have BeSafe, an authenticity verification protocol for mobile transactions. BeSafe  offers a secure authentication method that mitigates the risk of potential scams,” Mohd Muazzam adds.

Bank Islam has recorded 1.79 million active Internet Banking users and about 1.4 million  active GO by Bank Islam users. The Bank is committed to ensuring the security of its various  banking platforms and safeguarding customers’ interests against fraudulent activities by  progressively deploying enhanced security measures.

Also, noting the importance of enhancing public consciousness of the scam as its modus  operandi continues to diversify and evolve, Bank Islam pledged to further create  meaningful value on digital financial literacy for customers in safeguarding their online  transactions.

The Bank will also encourage good banking practices amongst customers, such as  keeping safe custody of their debit-i and credit-i cards and not sharing vital credentials  with third parties, including passwords and PINs for ATM transactions.

Bank Islam strongly urges its customers never to download or click on ambiguous links and  apps, especially when they receive suspicious phone calls from dubious parties claiming

to be from a law enforcement agency, the Central Bank, or a financial institution such as  Bank Islam.