In 2022, more than 25 thousand online fraud crimes or scams have been reported in Malaysia. This caused a loss of RM850 million. Among the issues that arise when being a victim of fraud is that it is difficult to deactivate an account from continuing to transact immediately after the holder realizes that they have been a victim of fraud.
Therefore Bank Negara is looking into enforcing a "kill switch" policy to all banking institutions to enable users themselves to take immediate action to freeze their accounts including ATM cards from being used if there is any suspicious activity.
At this time only Maybank has given the kill switch feature to their customers and it was just activated at the end of last January.
Tags
NEWS & FACT