To combat card fraud, banks in Malaysia starting in January must issue transaction alerts via text messages to their credit cardholders under an April 14 order from Bank Negara Malaysia, the country’s central bank.
In a statement, the central bank said it hopes cardholders would contact their issuer immediately if a text message identifies a fraudulent transaction.
Bank Negara Malaysia took the measure through a collaborative effort involving credit card issuers and various law-enforcement agencies. They were reacting to rising incidents of card fraud that resulted in the arrests of seven postmen who allegedly were intercepting credit cards in the mail and selling them to an organized crime ring for 50 (US$16 and 11euros) to 100 ringgits, according to local media reports.
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