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BNM to introduce minimum standards for mobile payments

Bank Negara said mobile payment providers would be required to disclose key security features. — Reuters pic
Bank Negara said mobile payment providers would be required to disclose key security features. — Reuters pic

KUALA LUMPUR, April 11 — Bank Negara Malaysia (BNM) will introduce minimum standards for the nascent but growing area of mobile payments in the coming months to enhance consumer protection.

Governor Tan Sri Muhammad Ibrahim said mobile payment providers would be required to disclose key security features of their services, such as in-app safeguards against malware and protection against unauthorised transactions.

“This will make it easier for consumers to compare between different providers, thereby promoting greater consumer empowerment to make better informed decisions,” he said in his keynote address at the Malaysian E-Payments Excellence Awards (MEEA) 2018 here today.

He said enhancing customer awareness of basic safety tips was paramount as a first line of defence against payment fraud, given that fraud victims were usually duped into disclosing confidential information that were used to commit fraud.

Furthermore, he said financial institutions must also regularly review and measure the effectiveness of consumer education initiatives.

“BNM will continue to collaborate with the industry in the area of public education and awareness. We will also be working with both bank and non-bank players to develop common promotional messages that provide “do’s and don’ts” for e-payment transactions.

“This will ensure a more cohesive communication strategy to amplify the impact on the public at large,” he added. — Bernama

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