KUALA LUMPUR: Despite the increasing frequency and complexity of financial scams, Bank Muamalat Malaysia Bhd assures customers that the country’s banking system remains secure.
According to Bank Muamalat corporate banking director Asnulhadi Yeop Aziz, this confidence stems from the ongoing improvements and security measures mandated by Bank Negara Malaysia (BNM).
“Malaysia’s banking system is still safe, thanks to the proactive guidance from Bank Negara. We consistently implement enhancements in systems, capabilities, and processes to stay ahead of scammers. While there are cases that arise, the overall security of banking in Malaysia remains strong,” he told Sunbiz.
In terms of financial scams, they have been rising, not only in the number of cases but also in the losses involved.
“So, internet processes have been enhanced. IT, cybersecurity has also been enhanced to avoid the activities of the scammers,” said Aznulhadi.
For banks, he said they have to be one step ahead of the scammers because they will change their style from time to time.
“This is just the beginning of criminal activities by scammers. They will continually develop new methods and styles. Therefore, the bank must stay several steps ahead, not just one.”
Asnulhadi said the bank has invested in capital and resources to enhance their processes and assist the public in avoiding scams.
Additionally, he added the bank continuously improves its internal processes in line with BNM’s guidelines.
“For example, when there is a large withdrawal, especially over the counter, we make sure to ask questions. We also need to alert customers to help prevent them from being targeted by scammers.”
He also said that Bank Muamalat is also responding to the call of the government and BNM to improve financial literacy among youths.
Then, he said it is the initiative of the banks to make sure in terms of the education to the public so that we are not exposed to the scams.
“One of the things we have been doing, which we are doing now, we have also done the financial literacy, the financial literacy, and the financial literacy for the govt agencies, GLCs, companies about scams,” he said.
Last Saturday Bank Muamalat held a financial and mental wellness program at Sekolah Menengah Kebangsaan Saujana Impian, Kajang with collaboration of Emerging Journey Asia Sdn Bhd (EJAsia).
The program, themed ‘Empowering Future Financial Wellness,’ involves over 350 students, parents, and teachers. It is one of Bank Muamalat’s steps to enhance financial literacy at the school level.
Bank Muamalat’s President and CEO Khairul Kamarudin stated that Bank Muamalat supports the government’s efforts to improve financial literacy among youth to ensure the sustainability of individual financial resources, community well-being, and national economic strengthening.
“In challenging economic conditions, financial issues are among the main problems facing society, especially youth who are burdened with debts they cannot repay. From 2019 to December 2023, according to data from the Malaysian Department of Insolvency, 6,996 youths aged 35 and below have been declared bankrupt, which is due to a lack of early financial management knowledge.
“In line with the government’s and Bank Negara Malaysia’s integrated efforts to enhance financial literacy through education, Bank Muamalat adopts this approach to help them holistically, especially through skills, training, and mental health education,” he said.
