PETALING JAYA: Public Bank Bhd has introduced a 12-hour cooling off transfer period from Thursday (June 22) to be proactive in dealing with scammers who use bank transfers to cheat unsuspecting victims of their savings.
In a statement to its customers, Public Bank said it was introducing a 12-hour transaction cooling-off period for abnormal transfers.
"As an added security feature to protect your financial interests, the bank will be introducing a transaction cooling-off period for abnormal transfers from June 22, 2023," it said. "Rest assured, our dedicated team continuously works to refine these systems to improve accuracy and minimise any inconvenience caused to our valued customers," Public Bank said in its frequently-asked-questions section.
“Other measures include a kill switch for victims to freeze their banking accounts temporarily to stop further loss of funds. “In addition, public awareness remains important in preventing online banking fraud,” said Bank Negara. Fernandez said that this was one of the ways authorities and financial institutions can stop a financial scam as victims usually realise they have been scammed after 24 hours.Fernandez had proposed a 48-hour cooling-off period to the government including Bank Negara and the Malaysian Communications and Multimedia Commission on what the authorities can do to protect consumers from financial scams, adding that MCMC is authorised to do so under the MCMC Act 1998.
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