Chong tells Putrajaya to look into banks’ security system

Chong (ight) listens to the victim tell her story.

KUCHING (2 June): The federal government must ensure the security of the online banking system if it really wants to move towards digitalization and online banking, which is the foundation of the country’s economic transformation, said the president of the Democratic Action Party (DAP) of Sarawak, Chong Chieng Jen.

In a statement, he noted that in recent times, cases of internet banking fraud have become more prevalent, creating doubts and concerns about the security of banking institutions in Malaysia.

“It appears that the internet security systems of banks in Malaysia are so vulnerable that anyone can unknowingly be the subject of internet banking fraud and lose their savings for nothing,” he said. he declares.

Chong pointed out that Internet banking fraud can actually be prevented if banks improve their security systems and constantly update their firewall system.

“It all comes down to whether enough funds are allocated for these upgrade services.

“As such, it is only when banks are forced to pay innocent victims for their losses that banks will then have an incentive to invest more in the security of their system. Otherwise, banks will only pass on the costs on these victims of fraud,” he said.

Chong said the government must act quickly on the matter.

“Otherwise, we will continue to see such cases of fraud victimizing people. Not only will we ordinary people fall victim to such fraud, but the progress of the country will also be hampered as people begin to lose faith in the banking system,” he added.

He raised the issue after a victim of internet banking fraud approached him yesterday asking for his help in engaging with the bank to get money transferred from his bank account refunded. savings and credit card accounts.

The victim, surnamed Chew, discovered that there had been three successive unauthorized fund transfers from his CIMB bank account, namely a transfer of RM1,819 to Shopee, two transfers of RM1,950 and RM3,000 to U -Mobile.

He immediately notified the bank and filed a police report.

After two weeks, the RM1,819 transferred to Shopee has been refunded but the RM4,950 transferred to U-mobile has still not been refunded.

The bank gave the excuse that it needed further investigation and delayed the refund.

Meanwhile, last month, Chew also discovered that his two credit card accounts were also hacked on April 28, racking up a total debt of RM16,296.

He received no notification for the unauthorized use of his credit card accounts. He didn’t learn of the unauthorized use until two weeks later, when the banks asked him to pay.

Chew is puzzled as to why the bank was able to text him demanding payment on his credit card accounts, but failed to text him when the credit card accounts were hacked and used without his permission.

Michael J. Birnbaum