KUALA LUMPUR, June 20 — Standard Chartered Malaysia will be rolling out enhancements to its digital banking security features on June 25, 2023, in line with industry efforts to combat financial fraud in the country.

It said these enhancements include replacing SMS one-time passwords (OTPs) with the SC Mobile Key as the bank’s transaction authorisation method as well as the introduction of a kill switch to enable clients to self-deactivate their digital banking account access should they suspect that they have fallen prey to a scam.

"We do this by combining the best technology and banking security to help manage clients’ money safely.

"While the enhancements, which are aimed at combating digital banking fraud, may be perceived as challenging by some, our clients can expect minimal to no disruptions to their banking experience,” head of consumer, private and business banking Sammeer Sharma said in a statement today.

The enforcement of these safeguards is in line with the directives issued by Bank Negara Malaysia (BNM) in 2022. — Bernama