KUALA LUMPUR: Users are overwhelmingly frustrated by the frequent online banking services outages and demand stronger security measures and clearer communication from financial institutions (FIs).

Industry observers believe the recent disruptions in online banking services by two of Malaysia’s largest banks call for more proactive security measures and transparent communication strategies from FIs.

Consumers Association of Penang (CAP) president Mohideen Abdul Kader said FIs often have a “kill switch”, a security feature that allows account holders to instantly block their internet banking access, accounts and cards if they suspect they are victims of a scam or that their login credentials have been compromised.

“Some FIs also offer a temporary kill switch to deactivate credit cards when they are not in use. FIs should display a message if there is an outage or anything concerning online services to prevent unnecessary worry for their customers, who might otherwise fear that their devices have been compromised,” he added.

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