Bank Islam introduces kill switch feature to protect customers from online scams

20 Jun 2023 01:32pm
Picture for illustrative purposes - FILE PIX
Picture for illustrative purposes - FILE PIX
KUALA LUMPUR - Bank Islam Malaysia Bhd (BIMB) customers can now self-protect their funds from online scams and temporarily deactivate access to several Bank Islam internet banking services through a new "kill switch” feature.

"The new security element also immediately blocks all outgoing transactions from customers’ Bank Islam Debit-i cards," BIMB said in a statement.

"Bank Islam Malaysia Bhd has completed the implementation of the five key measures to combat financial scams in its various online and mobile banking transaction platforms with three new security enhancements introduced today,” it added.

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

The kill switch feature would allow customers to also deactivate access to their GO by Bank Islam (GO) and GO Biz by Bank Islam (GO Biz) banking apps.

The bank would 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.

"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,” BIMB added.

Bank Islam has recorded 1.79 million active Internet Banking users and about 1.4 million active GO by Bank Islam users - BERNAMA