Cardholders data security a priority for banks

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KUALA LUMPUR: The Association of Banks in Malaysia and the Association of Islamic Banking and Financial Institutions Malaysia have reaffirmed that they take the security of cardholders’ data seriously.

They said this in a joint statement in response to a recent iPay88 announcement that card data may have been potentially compromised in a cyber security incident.

Both associations said banks have taken additional countermeasures to protect cardholders from potential risks arising from this incident. These measures include but are not limited to a heightening of real-time fraud monitoring to detect fraudulent and out-of-norm card usage behaviour.

They said this in a joint statement in response to a recent iPay88 announcement that card data may have been potentially compromised in a cyber security incident.

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“The banks have implemented robust multi-layer security measures such as dual-factor authentication to prevent unauthorised credit card and debit card transactions.

“Banks would contact their cardholders directly through the banks’ official channels should they detect unusual transactions which may require added verification,” the statement said. — Bernama