Kuala Lumpur:– In light of the recent announcement by iPay88 on the cybersecurity incident where card data may have potentially been compromised, The Association of Banks in Malaysia (ABM) and Association of Islamic Banking and Financial Institutions Malaysia (AIBIM) would like to reaffirm that banks take seriously the data security of their cardholders.

Therefore, the banks have taken additional countermeasures to protect cardholders from potential risks that may arise from this incident. These include, but are not limited to, heightening of real-time fraud monitoring to detect fraudulent and out-of-norm card usage behaviour.

The banks have implemented robust multi-layer security measures such as dual-factor authentication to prevent unauthorised credit card and debit card transactions.

Banks would contact their cardholders directly through the banks’ official channels should they detect unusual transactions which may require added verification.

Cardholders may also reach out to their respective issuers via call centres or branches for any assistance related to this matter.

ABM and AIBIM member banks wish to reassure their cardholders that they may continue to use their bank cards as normal. As usual, cardholders are reminded to closely monitor their bank statements and transaction alerts that they receive from their banks. In the event cardholders detect any unauthorised transactions, they should immediately contact their bank at the number printed on the back of the bank card for assistance. Cardholders are reminded that in light of more sophisticated cyber security threats, it is important to be vigilant at all times.

A list of contact details for ABM member banks and AIBIM can be obtained from the respective Association’s websites, www.abm.org.my/directory and www.aibim.com .

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About The Association of Banks in Malaysia

The Association of Banks in Malaysia (ABM) has 26 members comprising the commercial banks that currently operate in Malaysia. The main objective of ABM is to promote the establishment of a sound banking system in Malaysia in cooperation and consultation with the regulators. Guided by ABM's mission statement, "Forging public understanding for a responsible and responsive banking industry", ABM takes on the role of an important intermediary between banking customers and its member banks. ABM aims to facilitate and create a conducive yet competitive banking environment while promoting orderliness and ethical banking practices.  For more information, visit www.abm.org.my .

About Association of Islamic Banking and Financial Institutions Malaysia

The Association of Islamic Banking and Financial Institutions Malaysia (AIBIM) was established in 1995 as the Association of Interest Free Banking Institutions Malaysia. Currently, AIBIM has 27 member banks consists of 12 domestic banks, 5 development financial institutions and 10 locally incorporated foreign banks.

The organisation promotes sound Islamic banking system and practice in Malaysia; represents interest of members locally and abroad; provides advice and assistance to members pertinent in the development on Islamic banking and finance at local, regional and global level; coordinates human capital development initiatives, and promotes public awareness. For more information, visit www.aibim.com .