A few months ago, we heard about an incident involving iPay88, where their service was hacked, leading to user card data being hacked.
This in turn has an impact on consumers, where various banks ask cardholders to monitor their bank statements for any transactions they did not make.
Since then, some parties have canceled the offer of cards, as well as replacing their cards to users.
Further to that, Bank Negara Malaysia now instructs iPay88 to continue to strengthen cyber security controls for their services.
This matter was directed to BNM following the completion of an independent forensic investigation. It is said that iPay88 has implemented appropriate containment and correction measures to address the weaknesses in their system that have been identified.
BNM also requested that additional security measures be taken to prevent similar incidents from happening again, and protect against any future threats.
At the same time, BNM reminds the public that customers will not be held responsible in the event of fraudulent or unauthorized transactions - as long as the customer has taken appropriate precautions.
The public is also requested to inform the bank immediately if there are any unusual or unauthorized transactions.