CIMB group on track to fully implement enhanced security measures against scams
29 Sep 2022 04:32pm
CIMB Bank building in Kuala Lumpur, Malaysia - 123RF
A
A
A
KUALA LUMPUR - The CIMB group says security has "always been the group's highest priority” and CIMB Bank Bhd and CIMB Islamic Bank Bhd are firmly on track to implement the enhanced security measures against scams highlighted by Bank Negara Malaysia (BNM).
In a statement today, group chief executive officer Datuk Abdul Rahman Ahmad said the bank already has "strong existing controls with multiple layers of security in place.”
"At the same time, CIMB is committed to ensuring that the security measures are continually enhanced to protect customers,” he said.
"As such, the bank is supportive of the five additional security measures as announced by BNM and is committed to fully implement them in a timely manner,” the statement said.
On migrating from the SMS One-Time Password (OTP) / Transaction Authorisation Code (TAC) to a more secure multi-factor authentication method, CIMB has implemented SecureTAC approval via its CIMB Clicks App for online activities, fund transfers and payments as well as changes to personal information and account settings.
The bank will fully cease the alternative option of using SMS OTP/TAC and mandate only SecureTAC authorisation by the first half of 2023.
CIMB is also accelerating measures to limit customers to one secure mobile device for the authentication of online banking transactions with a targeted rollout by end-October 2022.
"In line with the single secure mobile device restriction, the bank will introduce an added control measure in the form of a customer verification callback process for all new online banking registration and new secure device activation to protect customers against financial scams,” it said.
CIMB will also introduce progressively a cooling-off period as an additional safeguard for first-time enrolment of online banking or secure devices.
Customers who suspect their banking details have been compromised or that a suspicious transaction has taken place can immediately contact the CIMB contact centre to suspend their account immediately.
"CIMB will provide a self-serve feature on its digital banking platform for customers to temporarily suspend their account on their own. This service is expected to be made available by the first half of 2023,” it said. - BERNAMA
