Bank Negara Malaysia Assures Nation’s Payment System Is Safe And Secure

Bank Negara Malaysia BNM

Bank Negara Malaysia (BNM) is assuring that the nation’s payment system remains safe and secure, despite the system breach that was reported by iPay88 yesterday. It says the breach has not affected the payment systems of local banks, and clarifies that the breach originated from and is confined to the online payment gateway’s payment card systems.

The central bank maintained that financial institutions in Malaysia are equipped with strong authentication methods for online card transactions. This includes prompting users for additional confirmation for certain transactions that are considered to be “more risky,” which BNM says is significant for reducing the risk of fraudulent transactions from occurring. It further states that customers will not be liable for any fraudulent or unauthorised transactions that may arise from this incident, especially for purchases from overseas merchants.

Hacker stock
Source: Pixabay.

Just in case you missed it, local online payment gateway iPay88 yesterday released a report revealing that it had experienced a system breach on 31 May 2022, which may have compromised user card data. The company says the issue has been successfully contained since then and assured that new measures as well as controls have been implemented to prevent any further attacks. It also adds that the incident is still under investigation, with help from authorities and relevant parties. 

Meanwhile, BNM says it has already instructed banks to immediately notify affected cardholders of additional protective measures that will be taken to further protect them against fraudulent or unauthorised transactions. It also notes that banks have already heightened their fraud risk management and monitoring of any suspicious or fraudulent activities for affected cards.

ipay88 security breach user card data compromised payment system
Image: iPay88

“BNM takes a serious view of any incident that can affect confidence in the payment system, and will not hesitate to take necessary supervisory or enforcement actions to ensure strong security controls are in place and maintained by financial institutions, and customers are treated fairly,” the central bank said in a statement issued earlier today. “Customers are advised to immediately notify their banks if they observe any irregular or unauthorised transactions on their cards.”

For further enquiries or complaints, members of the public can contact Bank Negara Malaysia’s BNMTELELINK at 1-300-88-5465 or submit them to the service’s official webpage.

(Source: Bank Negara Malaysia [official website])

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