Financial Institutions should give the right to users reverse a transaction
Financial Institutions should give the right to users reverse a transaction
The Issue
Clinton,
My hard-earned money was stolen by online scammers without any repercussions! Nearly RM5k gone, just like that �
This was money that could have gone into my higher education fund. How infuriating!
What’s even more frustrating about online scams and frauds is that by the time we realise that we’ve fallen into their scam tactics, it’s always too late - there is never a window of time to reverse the transactions or get our money back.
As the volume and value of digital transactions in Malaysia are expected to continue increasing, scammers are getting smarter at playing with people’s emotional vulnerabilities and more technologically advanced!
In recent news, two women are among the latest victims of online scammers purporting to offer part-time maid services. Collectively, they lost almost RM40,000 within minutes!
Currently, there are no options to cancel or recall what are supposedly unauthorised transactions carried out by scammers from the banks.
Thus, I believe users of any financial institution should have the right to recall a transaction if it is reported within 5-14 days from the date of transaction and with proper evidence. With this policy in place, we can reduce the number of successful scam tactics from happening.
Clinton, I’ve escalated this solution to Bank Negara Malaysia, but I need your support too so that they would listen.
Please help to sign the petition and hopefully, we can stop these scammers from easily stealing our money!
details below
On the 27th of July 2022, I received a SMS notification from “GOV” with the following details provided below:
RM0 MySejahtera: Bantuan Khas Kewangan COVID- 19 telah kredit ke TNG eWallet anda. Sila semak baki dan tuntutan anda di https://touchngo.life Subsidi khas ini sedia daripada kerajaan Barisan Nasional.
After checks the SMS didn’t come with a number and nothing odd was seen so I proceeded to do as instructed which was to “log in” to my touch and Go Account. After two failures to log in I proceeded to my touch and go app where I noticed the unauthorised Transaction.
A total of 4,890.00 was auto reloaded to my touch and go account and total amount of 4,547.00 was transferred via Duitnow to CIMB Bank STANLEY CLARE ANAK JONON Account No. 7641044933.
Upon seeing the transactions, I immediately called Citi Bank to Notify them, to cancel my existing credit card, and to refund the Credits. After that I called Touch n Go to Block my account and to notify them of the incident and to requested for the money bank grantee, expecting them to do the same and get the refund from CIMB Bank.
Unfortunately, Touch and Go has declined my request under the pretences that this was in fact an “Authorised Transaction” because an OTP was used to log in to my account HOWEVER the transactions after logging in was carried out from Citi to TnGO to CIMB Bank automatically without any checks or approval.
I am very unhappy with the turnaround of events and I can’t understand why TnGo, cannot request the Credit Reversal from CIMB Bank for me to pay back the money taken from CITI bank. This has put me under financial distress, as this was part of my further education savings.
I believe Bank Negara should step in and say enough is enough and prevent these sort of cases from escalating.
I believe users of any financial institutions should have the right to recall a transaction if it was reported within 14 days or at least 5 days from the date of transaction (taking to account people who are overseas/ on a trip/ flight when the event occurred and they had no way of noticing the transactions or a mode of reporting it)
I’ve escalated this to BNM and only hope something will be resolved as I am not the only one who has suffered from cases like these and some who have lost more than me.
And I would have to say I noticed the number of scam sms has increased since it was mandatory by the government to write down you phone number on a log book before entering any public area during the first year of covid.
If this change is successful I believe banks and financial institutions should reopen their closed cases for another review.
#why should the victim suffer?
3,427
The Issue
Clinton,
My hard-earned money was stolen by online scammers without any repercussions! Nearly RM5k gone, just like that �
This was money that could have gone into my higher education fund. How infuriating!
What’s even more frustrating about online scams and frauds is that by the time we realise that we’ve fallen into their scam tactics, it’s always too late - there is never a window of time to reverse the transactions or get our money back.
As the volume and value of digital transactions in Malaysia are expected to continue increasing, scammers are getting smarter at playing with people’s emotional vulnerabilities and more technologically advanced!
In recent news, two women are among the latest victims of online scammers purporting to offer part-time maid services. Collectively, they lost almost RM40,000 within minutes!
Currently, there are no options to cancel or recall what are supposedly unauthorised transactions carried out by scammers from the banks.
Thus, I believe users of any financial institution should have the right to recall a transaction if it is reported within 5-14 days from the date of transaction and with proper evidence. With this policy in place, we can reduce the number of successful scam tactics from happening.
Clinton, I’ve escalated this solution to Bank Negara Malaysia, but I need your support too so that they would listen.
Please help to sign the petition and hopefully, we can stop these scammers from easily stealing our money!
details below
On the 27th of July 2022, I received a SMS notification from “GOV” with the following details provided below:
RM0 MySejahtera: Bantuan Khas Kewangan COVID- 19 telah kredit ke TNG eWallet anda. Sila semak baki dan tuntutan anda di https://touchngo.life Subsidi khas ini sedia daripada kerajaan Barisan Nasional.
After checks the SMS didn’t come with a number and nothing odd was seen so I proceeded to do as instructed which was to “log in” to my touch and Go Account. After two failures to log in I proceeded to my touch and go app where I noticed the unauthorised Transaction.
A total of 4,890.00 was auto reloaded to my touch and go account and total amount of 4,547.00 was transferred via Duitnow to CIMB Bank STANLEY CLARE ANAK JONON Account No. 7641044933.
Upon seeing the transactions, I immediately called Citi Bank to Notify them, to cancel my existing credit card, and to refund the Credits. After that I called Touch n Go to Block my account and to notify them of the incident and to requested for the money bank grantee, expecting them to do the same and get the refund from CIMB Bank.
Unfortunately, Touch and Go has declined my request under the pretences that this was in fact an “Authorised Transaction” because an OTP was used to log in to my account HOWEVER the transactions after logging in was carried out from Citi to TnGO to CIMB Bank automatically without any checks or approval.
I am very unhappy with the turnaround of events and I can’t understand why TnGo, cannot request the Credit Reversal from CIMB Bank for me to pay back the money taken from CITI bank. This has put me under financial distress, as this was part of my further education savings.
I believe Bank Negara should step in and say enough is enough and prevent these sort of cases from escalating.
I believe users of any financial institutions should have the right to recall a transaction if it was reported within 14 days or at least 5 days from the date of transaction (taking to account people who are overseas/ on a trip/ flight when the event occurred and they had no way of noticing the transactions or a mode of reporting it)
I’ve escalated this to BNM and only hope something will be resolved as I am not the only one who has suffered from cases like these and some who have lost more than me.
And I would have to say I noticed the number of scam sms has increased since it was mandatory by the government to write down you phone number on a log book before entering any public area during the first year of covid.
If this change is successful I believe banks and financial institutions should reopen their closed cases for another review.
#why should the victim suffer?
3,427
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Petition created on 22 August 2022