OCBC Bank (Malaysia) has launched a pilot of the Secure Chat Banking Mobile Application that has been designed to fight fraud.
The move, which already secured the go-ahead from the central bank of Malaysia last month, has been started following an increase in phone scams.
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The new app aims to enable the bank’s premier banking customers and their relationship managers to securely communicate with each other.
Using the app, customers can provide transaction instructions to their relationship managers, without having to receive call-back verifications.
The app will be trialled for a year under the central bank’s Financial Technology Regulatory Sandbox Framework, which allows live testing of a solution with real customers and financial transactions in a controlled environment.
The bank will work together with fintech firm Moxtra on the testing phase.
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By GlobalDataCommenting on the move, OCBC Bank head of consumer financial service Lim Wyson said: “This will improve people’s experience of our services without compromising security; it will also ultimately safeguard them from falling victim to phone spoofing and scamming activities.”
