Bank Negara Malaysia To Introduce Minimum Standards On Mobile Payments
Bank Negara Malaysia (BNM) will introduce minimum standards for the nascent but growing area of mobile payments in the upcoming months, following efforts to enhance consumer protection.
Governor Tan Sri Muhammad Ibrahim said mobile payment providers would be subjected to disclose their key security features, which included safeguards against malware and protection methods against unauthorised transactions.
He said this will allow consumers to compare different providers which will promote greater consumer empowerment for them to make an informed decision.
Muhammad, who spoke at the Malaysian E-Payments Excellence Awards (MEEA) 2018, added that enhancing customer awareness regarding basic safety tips was imperative to combat payment fraud, as victims were usually duped into revealing confidential information.
He said financial institutions must review and measure the effectiveness of consumer education initiatives regularly.
“BNM will continue to collaborate with the industry in the area of public education and awareness. We will also be working with both bank and non-bank players to develop common promotional messages that provide “do’s and don’ts” for e-payment transactions.
“This will ensure a more cohesive communication strategy to amplify the impact on the public at large,” he said.