The rise of online financial fraud in Malaysia

In the first seven months of 2022, Malaysians have lost about RM415mil to scammers. The problem had worsen to such an extent that Bank Negara stepped in this week to issue a strict directive to all Malaysian banks to migrate away from the use of SMS-based authentication in online banking services.

Ubaid Mustafa Qadiri, Head of Technology Risk & Cyber Security for KPMG in Malaysia, says: "FIDO is a more secure approach compared to SMS-based OTPs. With FIDO, customers can be restricted to using only one registered device for authentication and online transactions and as a result, will help in reducing financial frauds and scams while performing online transactions.”

Read The Star article that dives deep into the cyber threats in financial services or attached below.

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