Banking industry, PayNet to introduce industry fraud alert, eye pilot testing in 1H 2027 - Bank Negara governor
Bank Negara Malaysia and the banking industry are planning to launch a nationwide fraud alert system by the first half of 2027. The initiative aims to warn customers of potential risks in real-time before transactions are finalized.
Why it matters
This proactive measure reflects a global trend in financial regulation to combat digital fraud through network-level intelligence.
KUALA LUMPUR: The banking industry and PayNet are working towards introducing industry-wide fraud alert capabilities, with pilot testing involving selected banks targeted for the first half (1H) of 2027.
Bank Negara Malaysia (BNM) governor Datuk Seri Abdul Rasheed Ghaffour said the industry-wide fraud alert capabilities can warn banks and customers of a potential risk before the transaction is completed.
"These alerts will prompt customers to pause, think, and verify before proceeding," he said during his opening remarks at the International Conference on Financial Crime & Counter Terrorism Financing (IFCTF) 2026 today.
Abdul Rasheed said this capability may introduce interference for customers, and there may also be complaints.
"However, these measures are necessary to strive for an appropriate balance between offering convenience and protecting customers from fraud, particularly those with high-risk status," he said.
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