Focus

Cases of TAC-less withdrawals are on the rise

23 Aug 2022 12:00am
No Image Caption
A
A
A

SHAH ALAM – The Federation of Malaysian Consumers Association (Fomca) has received over 30 complaints of unauthorised monetary withdrawals from bank accounts over the past two months.

Its National Consumer Complaints Centre senior manager Baskaran Sithamparam said incidences of monies being siphoned without the use of a Transaction Activation Code (TAC) have only surfaced recently.

“Prior to this, most of such cases involves scammers asking victims to furnish their TAC and OTP (One Time Password), but over the past two months, cases unauthorised withdrawals have increased,” said Baskaran.

Based on the complaints he received, it was ascertained that such cases were due to weak security system employed by financial institutions.

Baskaran added that even sensitive data such as users’ information can be easily stolen by unscrupulous hackers.

“How can these hackers obtain our banking information which is supposed to be safeguarded by the Personal Data Protection Act 2010 (PDPA).

“In other words, users’ data are not protected because they can be easily obtained,” said Baskaran, who urged banks to tighten their security measures.

Banking institutions, he added, must take a preemptive approach in preventing hackers from stealing users’ data.

Related Articles:

“They should invest more in fortifying their cyber security systems,” he said.

TAC
Fomca
National Consumer Complaints Centre
Baskaran Sithamparam
scam
monies siphoned
More Like This
Media agencies and NGOs have convened in Kuala Lumpur today to express their stance against the targeting of journalists covering the Gaza genocide.
Media agencies and NGOs have convened in Kuala Lumpur today to express their stance against the targeting of journalists covering the Gaza genocide.
National Stop targetting journalists: World Press Freedom Day rallies for press safety
By KOUSALYA SELVAM
03 May 2024 07:38pm
Event addresses Al Jazeera cameraman's death in Gaza drone attack
A 37-year-old woman, who was converted to Islam when she was a child, lost her final appeal at the Federal Court, to overturn a Court of Appeal decision to reinstate her as a Muslim.
A 37-year-old woman, who was converted to Islam when she was a child, lost her final appeal at the Federal Court, to overturn a Court of Appeal decision to reinstate her as a Muslim.
National Apex Court dismisses woman's appeal to overturn Muslim status
In the majority decision delivered online, Justice Abang Iskandar said the woman’s case did not fall under the category that she was never a Muslim.
Takiyuddin. FILE PIX
Takiyuddin. FILE PIX
National Addendum Decree: Government is dishonest – Pas
By Roskhoirah Yahya
03 May 2024 05:15pm
The government is responsible to explain the truth.
The youth together with two others, who are still at large, were charged with cruelty and causing pain to the cat by burning the animal on April 23 at 1.08pm. - Photo by Bernama
The youth together with two others, who are still at large, were charged with cruelty and causing pain to the cat by burning the animal on April 23 at 1.08pm. - Photo by Bernama
National Teenager pleads guilty to setting cat on fire
KAJANG - A 13-year-old boy pleaded guilty in the Magistrate’s Court here today to the charge of setting a cat on fire in the parking lot of Pangsapuri Taman Sri Kenari here last month. Magistrate Nik Siti Norazlini Nik Mohamed Faiz fixed June 27 for sentencing of the teenager and submission of a...