Standard Chartered Malaysia head of consumer, private and business banking Sammeer Sharma
KUALA LUMPUR: Standard Chartered Malaysia (StanChart) will strengthen its digital banking security features on June 25, in line with industry efforts to combat financial fraud in the country.
The bank, in a statement, said the enhancements include replacing SMS one-time passwords (OTPs) with the SC Mobile Key as the bank’s transaction authorisation method, as well as the introduction of a kill switch to enable clients to self-deactivate their digital banking account access should they suspect that they have fallen prey to a scam.
Moving forward, StanChart said customers must verify all their online banking transactions (including FPX) via its virtual security token, the SC Mobile Key, which will be the only accepted method to authorise any digital banking transactions.
The SC Mobile Key can only be activated via the SC Mobile app on one mobile device for security. Once activated, there will be a 12-hour cooling-off period before clients can access their digital banking account and services, it said.
Another security measure that StanChart will also be rolling out is the kill switch feature, which allows clients to self-block access to their digital banking account immediately if they suspect their account or banking details have been compromised.
It said the kill switch can be activated via interactive voice response by contacting the Standard Chartered client care centre.
StanChart has also discontinued online and mobile banking registration using debit or credit card-related information.
Aside from the SC Mobile Key activation cooling-off period, the bank also has a 24-hour cooling-off period to update clients’ primary mobile numbers with the bank via its online or mobile banking services as an additional safety measure.
“Scams are getting increasingly sophisticated and frequent, so it is a top priority for us to ensure the financial safety of our clients, including protecting their savings and investments from fraudulent activities,” head of consumer, private and business banking Sammeer Sharma said.
“We do this by combining the best technology and banking security to help manage clients’ money safely. While the enhancements – which are aimed at combating digital banking fraud – may be perceived as challenging by some, our clients can expect minimal to no disruptions to their banking experience,” he added.
