Issuance Date

28 June 2024

Effective Date

1 October 2024

Summary

This policy document was made effective on 1 October 2024. Its aim is to raise public awareness on the rights of financial fraud victims arising from unauthorised e-banking transactions. The key objectives of this policy document are:

• To ensure all financial institutions (FIs) undertake a more robust, transparent and fair investigation process by clearly outlining the responsibilities of both FIs and consumers in preventing an unauthorised transaction;
• To emphasise the principle of joint responsibility between FIs and consumers in fraud cases, where fraud losses occur not only because of any customer’s negligence but also due to weaknesses in any FI’s security controls; and
• To emphasise the need to build a vigilant and well-informed society to combat fraud.

Applicability

• Licensed Banks.
• Licensed Islamic Banks.
• Prescribed Development Financial Institutions.

Section in Charge

Retail Payment System

Issuing Department

Payment Services Policy Department

Documents

• Ensuring Fair Treatment for Victims of Unauthorised e-Banking Transactions