Due to the recent internet bank fraud incidents and the banks’ refusal to take responsibilities over these fraud cases, I have submitted 3 parliamentary questions on this issue for the coming Parliamentary sitting.
My questions are as follows:
- To ask the Finance Minister to state the total amount of money which were transferred from the bank depositors’ account without their knowledge for the years 2021 and 2022.
- To ask the Finance Minister to state what measures will the government and Bank Negara take to resolve the rampant internet banking fraud and fraudulent internet deposit withdrawal from the accounts of the depositors. What will the government do to restore public confidence on the safety of their deposits in the banks.
- To ask the Finance Minister to state the statistics of the complaints lodged with the Ombudsman for Financial Services and the decisions of the Ombudsman on these complaints, including the percentage of the decisions favouring the banks or the complainants.
My above questions is scheduled to be presented in Parliament on 25th and 26th July for the oral reply by the Finance Minister.
In the face of the rampant internet banking fraud cases where depositors’ money were withdrawn from their accounts through internet and without their knowledge, it is most irresponsible of a finance minister to be keeping absolutely quiet on this issue.
These days, the public are worried about their money in the bank, not knowing when they will fall victim to these internet banking frauds and that their life-long savings would be gone. Among those who sought my help were small businessmen, bank manager, former bank officers, retired government servants and teachers. Some had their savings transferred out without their knowledge and authorisation, some even fixed deposit stolen, some had their credit card charged without their knowledge and authorisation, and when they informed the bank at the first instance, the bank still insisted that they pay for the fraudulently charged amount. For all their misgivings, there are 2 common features, namely:
- whether it is money stolen from their accounts or their credit cards charged without their knowledge, all these crimes were done through internet;
- the banks will invariably push the responsibilities and losses to the depositors or the cardholders. Given their diverse backgrounds, their misfortune has clearly told us that anyone may fall victim to these interest banking frauds. If the Ministry of Finance and the government of the day refused to impose the responsibility on the banks, the banks will just adopt the “none of my business and couldn’t care less” attitude and push all the losses to their customers.
In the past, we thought banks are the safest place to keep our hard-earned money. Now even banks are not safe.
Where will this leave us the innocent and defenceless public?