Banks Step Up Cybersecurity Following Ipay88 Data Breach

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The Association of Banks in Malaysia and the Association of Islamic Banking and Financial Institutions Malaysia said cardholders may continue to use their bank cards normally.PETALING JAYA: Two banking associations have assured cardholders that their data is secure despite a cybersecurity breach experienced by online payment provider iPay88.
In a joint statement, the Association of Banks in Malaysia (ABM) and the Association of Islamic Banking and Financial Institutions Malaysia (AIBIM) said banks had taken extra precautionary measures to handle the cybersecurity breach.
“The banks have taken additional countermeasures to protect cardholders from potential risks that may arise from this incident,” they said.
The countermeasures include increasing real-time fraud monitoring to detect fraudulent and out-of-norm card usage behaviour.
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They also said the banks had implemented robust multi-layer security measures such as dual-factor authentication to prevent unauthorised credit and debit card transactions.
They added that cardholders could continue to use their bank cards normally.
They reminded cardholders that banks would contact their customers directly through official channels in the event that unusual transactions were detected and verification was required.
“Cardholders are reminded that in light of more sophisticated cybersecurity threats, it is important to be vigilant at all times,” they said.
Earlier, iPay88 confirmed experiencing a cybersecurity breach which might have compromised the card data of users.
It said an investigation was initiated on May 31 with cybersecurity experts roped in to mitigate the issue. However, it did not specify when the security breach occurred.
The e-commerce firm said investigations were ongoing and that it was working with the authorities and other relevant parties over the security breach.
The company said its financial institution partners had been kept updated over the incident, while more findings would be shared in due time. - FMT

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