KUALA LUMPUR (June 28): Public Bank Bhd has introduced a transaction cooling-off period via its PBe internet banking and PB engage MY mobile application for transactions deemed abnormal.

The cooling-off period is a precautionary measure that allows the bank to review and assess certain transactions that display characteristics of abnormal behaviour.

It is designed to minimise the risk of unauthorised transactions and potential fraudulent activities, while ensuring the safety of customer’s funds.

Customers will be notified on the status of their transactions through several channels including SMS, e-mail and push notification.

“This transaction cooling-off period is one of Bank Negara Malaysia’s (BNM) five key measures for combating financial scams and Public Bank has implemented all five of them,” said managing director and chief executive officer Tan Sri Dr Tay Ah Lek.

“The bank will continue to be vigilant and work with relevant authorities, to ensure a robust and secure online banking environment for our customers.”

On December 2022, Bank Negara Malaysia announced five key measures which include the cooling-off period, migrating from SMS to one-time passwords (OTP) to a secure authentication method, single designated device for authorisation, the removal of hyperlinks from SMS and email communications, and a 24-Hour Cyber Fraud Security Hotline for customers.

The bank has also adopted similar measures including its two-factor authentication method called PB SecureSign that enables customers to push notification on their device to authorise transactions.

The bank said the PB SecureSign can only be activated on a single device, which will be used as the primary device responsible for approving transactions.

The removal of hyperlinks from SMS and email communications is also aimed at safeguarding customer’s personal banking information.

“The bank has eliminated all clickable hyperlinks in various emails including welcome email, PBe login reminder and PB SecureSign activation email.”

“It is important for customers to remain vigilant and not to respond to any SMS or email with clickable hyperlink as these SMS or email could be sent by the fraudster.”

It also noted that a 24-hour Cyber Fraud Security Hotline is available for customers to report scams or suspicious activities related to their accounts.

“Notwithstanding, Public Bank continues to actively promote anti-scam awareness throughout its digital touchpoints which includes the bank’s website, mobile banking app, e-mail blast, social media platforms and the Bank’s online security microsite with various contents.”

At 4.50pm on Wednesday (June 28), Public Bank’s share price was two sen or 0.52% higher at RM3.87. Its market capitalisation was RM75.12 billion.