Cybersecurity service provider LGMS Berhad Chairman, Mr. Fong Choong Fook told theSun: “New versions of software are now able to read one-time passwords and they can even delete the SMS sent by banks, leading (victims) to believe they were not given any notification before fund transfers.”

He said Bank Negara Malaysia (BNM) previously issued a mandate calling on all banks to perform an annual assessment, during which they run several tests on their cybersecurity infrastructure and online systems.

He said based on these tests, the IT infrastructure and systems installed by the banking industry to identify cybersecurity threats are considered sound and secure.

“From a cybersecurity perspective, scammers are unable to penetrate or change the online banking system.

“Instead, they find ways to attack (account holders) through mobile apps. The problem is that Malaysians download unverified apps, which often become security threats that steal information stored on mobile phones. This is the root of the problem,” he said.

Read further on The Sun article as attached.

Source: theSundaily.