KUALA LUMPUR: All licensed banks are required to adopt high standards of security, particularly for Internet and mobile banking services, which includes routine security reviews and advisories issued by Bank Negara to financial institutions.

       The advisories include the need to enhance existing controls and ensure adequate protection against latest threats, while maintaining efficient services for customers, it said.

       “Fraud risk is constantly evolving, as scammers continue to devise more sophisticated means of defrauding the public. This includes new approaches of tricking bank account holders into revealing their banking details or installing malware on their devices,” the central bank said in a statement reported by Bernama.

       Bank Negara has been collaborating with the police, the Malaysian Communications and Multimedia Commission and the financial industry to coordinate efforts in combating financial scams, and create greater public awareness on new fraud tactics.

       To ensuring more effective preventive measures by financial institutions, these efforts will also support the recovery of embezzled funds as well as timely and effective investigations by the relevant law enforcement agencies.

       The public should be extra vigilant in safeguarding their personal information when downloading files or applications from unverified sources onto mobile devices.

       Users of financial services also have an important role to keep themselves informed of emerging threats through advisories issued by financial institutions, Bank Negara and other authorities, and take precautions to protect themselves.