KUCHING (12 June): Democratic Action Party (DAP) Sarawak Chairman Chong Chieng Jen is urging the Federal Ministry of Finance (MoF) and Cabinet to take immediate action to address the issue of bank fraud on Internet.
“The directive issued by Bank Negara Malaysia (BNM) two days ago ordering banks to compensate customers is very vague, appears non-committal,” Chong said in a statement yesterday.
Many bank customers and credit card holders face problems with unauthorized and fraudulent transactions. Unless the BNM acts quickly on the directive, public confidence in our country’s internet banking security system would erode, he said.
Chong cited a complaint he received on Friday. A bank manager was reportedly charged a total of RM17,325 for three unauthorized transactions on his credit card from another bank on Shopee App in January.
The victim had received messages that his credit card had been used for three purchases on Shopee’s website for RM17,325 and to call the bank if he had not completed the transactions.
He quickly called Ambank to stop the transactions and filed a police report about it.
Despite its prompt action and adherence to bank procedures, Ambank has consistently refused to reverse transactions and continue to charge interest for the past five months on unauthorized and illegal purchases, Chong said, adding that it was the fourth such complaint he had received in less than a year. month.
“So far, the Ministry of Finance has remained silent on these issues. Anyone can fall victim to internet banking fraud. The Ministry of Finance and the Cabinet must address the problem to restore confidence in the system. Malaysia’s online banking,” he concluded.