Translate
08 December 2016
BNM pointed out that online card fraud was being prevented with two-factor authentication process
BNM: You won’t pay dearly for contactless card
PETALING JAYA: Bank Negara Malaysia (BNM) has quashed fears that PayWave-enabled cards are vulnerable to fraud.
It said Malaysia used the strictest authentication methods available, denying that a card could be misused with only the cardholder’s personal information.
According to a report in Sin Chew Daily, BNM said “contactless cards” in Malaysia, including debit, credit and ATM cards were installed with chips that used advanced encryption methods, making them almost impossible to be cloned.
The assurance came after a videoclip surfaced claiming to show that fraudsters are able to “lift” a cardholder’s personal information from a PayWave-enabled card via radio frequency identification technology, as reported by the daily.
BNM, in its reply to the newspaper, pointed out that online card fraud was being prevented with two-factor authentication process, which Malaysia had adopted.
It requires a cardholder to possess the card as well as a transaction authorisation code (TAC) before any online transaction can be made.
“For a transaction to complete, cardholders would need to enter a TAC that will be sent to their mobile phones,” Bank Negara said.
Operators of online shopping websites would have to bear the cost if a card was misused and transactions were completed without going through the two-factor authentication process, said the central bank.
It urged cardholders to protect their personal identification number (PIN) and to notify their respective banks immediately in the event the card is lost.
Fears of data theft was raised by National Union of Bank Employees president Michael Tan who said BNM and banks had yet to give the public full confidence in making the switch to PayWave-enabled cards.
He said though there were no reports of data theft at present, he believed cyber crooks would take advantage of cardholders once the system was fully implemented next year.
BNM is encouraging cardholders to migrate from the signature-based system to the much safer six-digit verification system by Dec 31 this year. All signature-based cards will stop working by July 1, 2017.
Earlier, The Star reported that about 39 million – eight million credit and 31 million co-badged debit cards in Malaysia – are expected to be replaced by the December deadline.
Popular Posts - Last 7 days
-
Dua buah helikopter milik Angkatan Tentera Malaysia (ATM) dilaporkan terhempas ketika menjalani raptai di Kem Tentera Laut Diraja Malaysi...
-
Dua helikopter TLDM bertembung semasa Latihan Lintas Hormat Sambutan Hari Ulang Tahun TLDM Ke-90. Pesawat HOM (M503-3) yang membawa tujuh or...
-
PM Anwar tubuh Jawatankuasa Penasihat Dasar Kepada Perdana Menteri - PMO Bernama 22/04/2024 PM Anwar tubuh Jawatankuasa Penasihat Dasar Ke...
-
TOP 100 AIRPORTS https://www.worldairportawards.com/worlds-top-100-airports-2024/
-
70 PCT OF PROPERTY DEVELOPMENT IN FOREST CITY SOLD - EXCO 20/04/2024 KULAI, April 20 (Bernama) -- Seventy per cent of the property develop...
-
KL20 Summit 2024 to attract high-quality investments - PM Bernama 22/04/2024 PM Datuk Seri Anwar Ibrahim said the summit marks a comprehens...
-
KKM kenal pasti modus operandi penjaja makanan warga asing, perketat pemantauan Bernama 21/04/2024 Dr Dzulkefly Ahmad berkata justeru, pasu...
Popular Posts - Last 30 days
-
Saudi says application for 1444 H umrah visa opens from today Bernama Julai 14, 2022 The Ministry of Haj and Umrah of Saudi Arabia has ann...
-
Kedah MB: ECK no longer part of Kulim airport project Bernama Julai 13, 2022 Muhammad Sanusi announced that the ECK Group of Companies (EC...
-
King presents appointment letters to four new envoys Bernama Julai 12, 2022 His Majesty presenting the letter of appointment to M'sian...
-
Following is BEST FBKL's selection of The Top Ramadan 2024 Buka Puasa Buffet's in Kuala Lumpur and the Klang Valley. We hope that y...
-
Wan Saiful confirms he is no longer PTPTN chairman Bernama Julai 12, 2022 Bersatu Information chief Datuk Wan Saiful Wan Jan today confirm...
-
Naz Empire's defamation lawsuit against Awal Ashaari to go to trial as mediation fails Bernama Julai 12, 2022 The defamation lawsuit f...
-
Paris court grants Malaysia's application to suspend claims by purported heirs of Sultan Jamalul Kiram II Bernama Julai 13, 2022 Dr Wa...
-
‘Alas pintu’ dengan gambar Kaabah sebenarnya sejadah mini - AEON BiG April 13, 2024 Susulan penularan gambar yang mendakwa penjualan ‘alas ...
-
Screenshot of a video shared by the public of the incident at the Kuala Lumpur International Airport (KLIA) Arrival Hall 1 on Sunday. SEPANG...
Blog Archive
-
►
2023
(3771)
- December (311)
- November (322)
- October (286)
- September (288)
- August (365)
- July (349)
- June (372)
- May (316)
- April (279)
- March (301)
- February (245)
- January (337)
-
►
2022
(4309)
- December (352)
- November (422)
- October (288)
- September (281)
- August (347)
- July (303)
- June (335)
- May (406)
- April (341)
- March (371)
- February (390)
- January (473)
-
►
2021
(9030)
- December (636)
- November (647)
- October (809)
- September (797)
- August (880)
- July (894)
- June (747)
- May (780)
- April (580)
- March (629)
- February (643)
- January (988)
-
►
2020
(6800)
- December (819)
- November (698)
- October (832)
- September (729)
- August (548)
- July (558)
- June (615)
- May (394)
- April (368)
- March (453)
- February (439)
- January (347)
-
►
2019
(4089)
- December (411)
- November (425)
- October (375)
- September (279)
- August (397)
- July (353)
- June (326)
- May (315)
- April (266)
- March (318)
- February (293)
- January (331)
-
►
2018
(4100)
- December (305)
- November (304)
- October (357)
- September (352)
- August (420)
- July (442)
- June (366)
- May (412)
- April (343)
- March (275)
- February (233)
- January (291)
-
►
2017
(3888)
- December (268)
- November (293)
- October (352)
- September (309)
- August (356)
- July (300)
- June (319)
- May (354)
- April (316)
- March (335)
- February (306)
- January (380)
-
▼
2016
(4563)
- December (331)
- November (328)
- October (378)
- September (415)
- August (404)
- July (380)
- June (310)
- May (370)
- April (430)
- March (484)
- February (355)
- January (378)
-
►
2015
(4588)
- December (402)
- November (392)
- October (393)
- September (375)
- August (450)
- July (392)
- June (456)
- May (407)
- April (408)
- March (374)
- February (262)
- January (277)