StanChart Malaysia strengthens digital banking security to combat financial fraud

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    KUALA LUMPUR: Standard Chartered Malaysia (Stanchart) will strengthen its digital banking security features on June 25, in line with the industry’s efforts to combat financial fraud in the country.

    The enhancements include replacing SMS One-Time Password (OTP) with SC Mobile Key as the bank’s transaction authentication method and introducing a kill switch to allow customers to self-deactivate their digital passwords, the bank said in a statement. said to include If you suspect that you have fallen prey to fraud, you will lose access to your bank account.

    StanChart said that going forward, customers will have to authorize all online banking transactions (including FPX) via SC Mobile Key, a virtual security token, which will be the only way to authorize digital banking transactions.

    The SC Mobile Key can only be activated via the SC Mobile App on one mobile device for security purposes. Once activated, there will be a 12-hour cooling-off period before customers can access their digital banking accounts and services.

    Another security measure that StanChart deploys is the kill switch feature. This will allow customers to immediately self-block access to their digital banking accounts if they suspect their account or bank account details have been compromised.

    Calling Standard Chartered’s Client Care Center will allow the automated voice response to activate the kill switch, he said.

    Stanchart has also discontinued online and mobile banking registrations using debit or credit card-related information.

    Apart from the cooling-off period for SC mobile key activation, as an additional safety measure, the bank also provides a 24-hour cooling-off period for updating the customer’s primary mobile phone number to the bank through the online banking service or mobile banking service. is set up.

    Zamir Sharma, Head of Consumer, Private and Business Banking, said: “Scams are becoming more sophisticated and frequent, and there is a need to ensure customers’ financial security, including protecting their savings and investments from fraudulent activity. It is our number one priority to do so,” he said.

    “We do this by combining the best of technology with banking security to help our customers manage their funds safely. This enhancement, aimed at combating digital banking fraud, While this may be perceived as challenging by some, our customers can expect minimal or no disruption to their banking experience,” he added.


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