BNM Says Not To Worry About The iPay88 Potential Data Breach, Yet

Although the case is unconfirmed and is under investigation, BNM instructed banks to notify affected cardholders.
(credit: BNM | Avery Evans / Unsplash)

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Bank Negara Malaysia (BNM) wants to assure you that the potential data breach reported by iPay88 didn’t involve vulnerabilities in the banks’ systems.

In a statement BNM says that while forensic investigation of the case is still ongoing, it has already instructed banks to increase monitoring for fraudulent or suspicious activity of affected cards and notify the cardholders. 

At the same time BNM advises customers to pay closer attention to their card statements and notify their banks immediately if they see any irregular or unauthorised transactions. 

To reassure the public, BNM said strong authentication methods and additional confirmation for risky transactions have always been in place in Malaysian financial institutions.

It also said that customers will not be liable for any fraudulent or unauthorised transactions that may arise from this incident even if it was non-authenticated transactions, particularly purchases from overseas merchants.

BNM takes a serious view of any incident that can affect confidence in the payment system, and will not hesitate to take necessary supervisory or enforcement actions to ensure strong security controls are in place and maintained by financial institutions, and customers are treated fairly.

Bank Negara Malaysia

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