The measures, according to BNM governor Nor Shamsiah Mohd, include requiring banks to migrate from SMS one-time passwords to “more secure forms of authentication” for online activities and transactions, as well as imposing a “cooling-off period” for first-time online banking service registrations.
Online banking transactions, for example, may take a little longer to process. “When customers request to change or register a new phone number, financial institutions will conduct additional checks,” says Mdm Nor Shamsiah.
“Make no mistake, while these measures may cause some inconvenience, they are necessary to protect customers’ interests,” says the BNM governor, noting that these measures may frustrate customers.
