In Malaysia, a total of 19,165 cases of online banking fraud involving RM94.6 million were reported by customers of financial institutions in 2H 2022 theSun theSundaily payments news Malaysia cybercrime
: Financial institutions continue to be operationally resilient, with no major system-wide disruptions reported in the second half of 2022.
While internationally, the Financial Action Task Force has embarked on new initiatives focusing on cyber-enabled fraud and ransomware, including the publication of reports on the latest trends and methods as well as recommendations to effectively curb ransomware activities. Banks also continue to refine and improve other security measures, including stepping-up verification processes for mobile device enrolment, conducting call-back verifications, continuously fine-tuning fraud detection rules to block suspicious transactions, and conducting ongoing brand monitoring to detect and take down fake websites in collaboration with the Malaysian Communications and Multimedia Commission .
Meanwhile, it said the Real-time Electronic Transfer of Funds and Securities System and major retail payment systems continued to maintain high system availability, with no cyber incidents detected in 2H 2022.
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