She said this was the result of preventive measures implemented by financial institutions under the supervision of Bank Negara Malaysia (BNM).

“Since September 2022, financial institutions successfully blocked fraudulent and suspicious transactions worth RM383 million in 2023 and RM302 million as of September 2024 .

“Cases of data phishing and malware reported to BNM have also shown a downward trend of 60%,” she said during a question-and-answer session in the Dewan Negara today.

Lim was responding to a supplementary question from senator Bobbey Suan about the government’s assurances for online safety in banking transactions.

She said BNM would continue to strengthen the security of internet and mobile banking with additional measures to help detect fraudulent and suspicious transactions.

Lim also said BNM had acted immediately in instructing banking institutions that had seen online service disruptions to determine the root cause.

She said the central bank had also instructed the institutions involved to set appropriate corrective and preventive measures.

“BNM is also monitoring to ensure that the banking institutions involved restore normal banking services as soon as possible.

“Following an assessment of the root causes and impact of the disruptions, BNM took enforcement action and imposed administrative monetary penalties on two banking institutions on July 29 for violations of legal provisions under BNM’s supervision,” she said.