KUCHING: The Ministry of Finance and the Malaysian Cabinet must come together and act immediately to restore public confidence in the country’s internet banking system.
Stampin MP Chong Chieng Jen made the call after a bank manager became a victim to internet banking transaction fraud and lost RM17,325.
“Who else is safe in this era of internet banking?
“Yesterday, a bank manager approached me to seek help in connection with an internet banking fraud. This time, the bank manager himself is the victim and it involves the unauthorised use of his credit card for internet transactions with Shopee.
“The bank manager is also the holder of a credit card issued by another bank. Sometime in January, 2022, he received messages that his credit card was used for three internet purchases at the Shopee website for a total sum of RM17,325,” Chong said in a press statement yesterday.
The MP said the bank manager had called the bank to stop the transactions.
“Thereafter, he lodged a police report on the fraudulent transactions and physically filed a dispute form with the bank.
“Despite his prompt action and compliance with all the bank’s Standard of Procedures, that bank refused to annul the transactions and continued to charge interest on the unauthorised and illegal purchases.
“Five months after the disputed transaction, the bank still refuses to annul the transactions.”
Chong pointed out that many bank customers and credit card holders were now faced with these unauthorised and fraudulent transactions.
“The directive issued by Bank Negara Malaysia two days ago ordering banks to compensate their customers is very vague and seems non-committal.
“Unless BNM is quick to act on the directive, public confidence in our country’s internet banking security system will collapse.
“So far, the Minister of Finance has been keeping quiet and not taking any proactive action on the matter. This is the fourth case that I received such complaints in less than a month, and this time the victim is a bank manager,” he said.
Chong added that if a person who was in the system could also be victimised by internet banking fraud, who could be spared of such fraud?
“Therefore, the Ministry of Finance and the Malaysian Cabinet must come together and act immediately to resolve the matter and restore public confidence in our internet banking system,” he stressed.
