Baiduri Bank has introduced a 12-hour cooling period to promote safer online banking practices.
It is “joining the growing movement worldwide to guard against scams with banks in Singapore and Malaysia having rolled out similar features and measures last year”, according to a statement yesterday.
Meanwhile, Baiduri Bank Chief Executive Officer Ti Eng Hui said, “Safeguarding our customers’ data and financial interests is the utmost priority for Baiduri Bank. We remain steadfast in our commitment to ensure that our customers can enjoy the convenience of online banking with confidence.
“This added security layer will allow us to protect our customers’ financial accounts by giving us time to review and assess certain activities or transactions that display abnormal characteristics.”
The cooling period will be activated if customers register or install the Baiduri b.Digital Personal mobile app for the first time, delete the app and then reinstall it on the same device, de-register from one device and install it on another device or change their mobile number.
During the cooling period, no transactions or changes can be made to the account, including Baiduri Qpay, bill payments, fund transfers, top-ups, adding new beneficiaries, enabling or disabling face/touch ID, as well as changing limits, password, mobile banking personal identification number (mPIN) and email addresses. This is to prevent fraudulent access and give users time to report any suspicious activity, providing customers time to take action and protect their accounts.
Users will be notified when the cooling period has ended through an SMS notification sent to the registered mobile number and a pop-up message that displays the cooling period status when tapping a temporarily restricted feature in Baiduri b.Digital Personal.
