We refer to our statement on 12 August 2022 on iPay88 (M) Sdn. Bhd., a provider of payment gateway services to banks and merchants.

Following the completion of the independent forensic investigation, iPay88 has taken the necessary containment and rectification measures to address gaps that were identified. In addition, BNM has also instructed iPay88 to undertake additional measures to further strengthen its cyber security controls and IT infrastructure. These measures are aimed at ensuring that similar incidents do not recur in the future and to safeguard against future threats. BNM will continue to closely monitor iPay88’s implementation of these measures and where appropriate, will undertake further supervisory or enforcement action.

BNM has also directed banks and card issuers to maintain heightened vigilance over activities of cards that may be at risk. Customers will be contacted if any suspicious activity is detected through the monitoring activities of their banks or card issuers.

BNM would like to reassure members of the public that Malaysia’s banking and payment systems remain safe and secure. Under existing payment card rules, customers will not be liable for any fraudulent or unauthorised transactions, as long as customers have taken reasonable precautions to safeguard their payment cards. For further information, please refer to the Credit Card Policy Document and Debit Card Policy Document.

Customers are advised to immediately notify their banks if they observe any irregular or unauthorised card transactions.

For further enquiries or complaints, members of the public can contact BNMTELELINK at 1-300-88-5465 or eLink.

See also:

BNM Reassures Nation's Payment System Remains Safe And Secure, 12 August 2022