KUALA LUMPUR: CIMB Bank Bhd and CIMB Islamic Bank Bhd (CIMB) continue to strengthen the security of their digital banking platforms and combat fraud with the rollout of new security measures for the CIMB Clicks and CIMB OCTO apps.
In a statement today, the banking group said the new enhancements included compulsory SecureTAC authorisation via the CIMB Clicks App for transactions of RM100 and above and a mandatory customer call verification process for first-time app logins.
CIMB group chief executive officer Datuk Abdul Rahman Ahmad said the new security measures are necessary towards creating a safer banking environment despite initially affecting banking convenience.
“We will continue to introduce additional measures progressively in order to further reduce the risk of fraud and ensure customers can transact with peace of mind.
“Effective Dec 5, 2022, CIMB will be implementing mandatory SecureTAC authorisation for CIMB Clicks web transactions of RM100 and above, including non-favourite fund transfers, bill payments and prepaid top-ups,” he said.
It said customers would also no longer be able to receive SMS TACs for these transactions and instead, they would need to install the CIMB Clicks App and approve the transactions via SecureTAC.
CIMB said it intended to extend SecureTAC authentication to include any transactions valued RM100 and below as well as non-monetary transactions by the first half of 2023.
In the meantime, the banking group has urged all customers who have yet to install CIMB Clicks App to download the app from official app stores and turn on notifications in settings to receive SecureTAC.
It said effective Dec 26, 2022, new users or existing users who are logging in to the CIMB Clicks and CIMB OCTO apps on a new device would undergo a call verification process to ensure that the account holder themselves initiates any first-time login attempt or device change.
CIMB said it has been upgrading its fraud management system on an ongoing basis to better identify indicators of potential fraud and scams.
“This includes constant fine-tuning of fraud detection rules and utilising machine learning to continuously enhance predictive capabilities to safeguard customers from fraudulent activities,” it added.-Bernama