KUALA LUMPUR, Dec 19 — Financial institutions in the country have successfully blocked a total of RM302 million in fraudulent and suspicious transactions as of September 2024, said Deputy Finance Minister Lim Hui Ying.

She said this is a positive impact following the implementation of five main preventive measures by financial institutions under the supervision of Bank Negara Malaysia (BNM) to ensure the safety of online banking users.

"Since September 2022, financial institutions have successfully blocked fraudulent and suspicious transactions worth RM383 million in 2023 and RM302 million in 2024 since September.

"The trend in cases of data phishing and malware reported to BNM has also shown a downward trend of 60 per cent,” she said during a question-and-answer session at the Dewan Negara today.

She was replying to a supplementary question from Senator Datuk Bobbey Suan about the government’s assurances for the safety of online users in banking transactions.

Lim said BNM would continue to work to further strengthen the security of Internet and mobile banking by implementing additional measures to strengthen the ability of financial institutions to detect fraudulent and suspicious transactions.

Meanwhile, she said that BNM had taken immediate action by instructing banking institutions involved in the incident of online banking service disruptions to determine the root causes for the disruptions.

In addition, the central bank also instructed the banking institutions involved to set appropriate corrective and preventive measures to prevent the same issue from recurring.

"BNM is also closely monitoring to ensure that the banking institutions involved restore normal banking services as soon as possible.

"Following an assessment of the root causes and impact of the disruptions, BNM has taken enforcement action by imposing administrative monetary penalties on two banking institutions on July 29, 2024, for violations of legal provisions under BNM's supervision,” added Lim. — Bernama