On Nov. 12, MAC MA issued letters re strengthening security controls.
MAC MAC remind FIs that fraud cases involving mobile banking, payment applications are increasing as fraudsters exploit platforms to steal sensitive customer information.
Measures
FIs are required to implement enhanced security measures to prevent unauthorized actions like screen recording, screenshots, screen sharing, and keyboard monitoring.
Institutions must comply with the Electronic banking risk management guidelines.
Also tasked with educating customers about common fraud tactics, advising them to download apps only from trusted sources, remain vigilant to safeguard sensitive data.
Effectiveness
The deadline for implementing security measures is on Dec. 31, 2024.
