Caution on internet banking fraud

Date:

KUCHING: Even a fixed deposit is not safe in the face of internet banking fraud, said Chong Chieng Jen.

The chairman of Democratic Action Party (DAP) Sarawak revealed that he received another complaint from an internet banking fraud victim, saying it involved a woman and her bank accounts in two banks and shockingly included her fixed deposit being transferred out.

“On Wednesday (June 28), Miss Bong downloaded an App onto her spare phone, and within an hour, there were four unauthorised transfers of funds from her bank account to Lazada.

“Those four transfers amounted to a total sum of RM46,824.00 all to a Lazada account. Because of that, in just two hours she has lost a large part of her lifetime savings,” Chong pointed out.

He then shared that he had issued a letter to the Bank Negara Malaysia (BNM), the bank itself and Lazada to urge for quick intervention to help her recover her loss.

“In the recent weeks, there have been numerous reports of such internet banking fraud.

“Unlike cash transactions, e-banking transactions can be easily traced with just some clicks of buttons. Yet, it seems that e-banking fraud victims are left defenceless and the banks are not helping much to retrieve their money,” he added.

The Stampin MP also urged that Bank Negara Malaysia, banks and all e-commerce shopping platforms to compulsorily act in a concerted effort to address this issue.

“The banks or internet shopping platforms should not be pushing butts towards each other. They must work together to trace the money trail and bring those fraudsters to book,” he shared.

He also emphasised that this is a policy call issue, and the banking sector has moved aggressively towards internet banking in the name of cost savings and efficiency.

“Bank Negara’s policy is also pushing for internet banking and as a result, the customers have to adapt to this new culture as well.

“Yet, their money is not safe with the internet banking system and there are insufficient safeguards for their money in banks,” he shared.

He also added that this should not be allowed in the financial system, where individuals are left to the mercy of these internet banking fraudsters.

“Unless the banks are directed to absorb such fraud losses, the banks will be reluctant to invest in systems to safeguard their customers’ money.

“It is the role of Bank Negara Malaysia to ensure that the public’s money is well protected by the system,” said Chong.

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