Fraud in Malaysia has been rising at an alarming rate in recent years, causing the Bank Negara Malaysia (BNM) to issue strict directives requiring all licensed banks to adopt high standards of security for digital channels. As a result, Co-opbank Pertama (CBP), the Malaysian cooperative bank, has announced a partnership with BPC, the payment solutions provider, to maintain compliance with BNM’s regulation and deliver safe customer-centric services.
BNM has instructed that banks must implement additional security controls into their infrastructures, including velocity checks to analyse customer behaviour and routine security reviews and advisories. To comply with these mandatory changes, CBP selected BPC as a partner. Through this collaboration, CBP will utilise BPC’s SmartCista Fraud Management solution to provide advanced protection on its digital offerings.
CBP will be able to introduce a machine-learning module into its defence system, leveraging historical fraudulent data and refining detection mechanisms to protect users’ assets. or the best adoption and usage of the solution, BPC provided training services to help CBP’s team fully leverage the system’s capabilities.
Zairil Anuar Ahmad, chief technology officer at CBP, commented: “Receiving omnichannel protection for our digital channel marks a significant milestone for CBP. Implementing high-standard preventive measures is both a top priority and a regulatory requirement as Malaysia intensifies efforts to combat fraud. These practices are crucial in building customer trust and ensuring long-term loyalty.
“Through our partnership with BPC and the integration of their advanced fraud management solutions, we have strengthened our defence mechanisms and are now better equipped to deliver a secure, seamless digital banking experience.”
The SmartVista Fraud Management Solution
BPC’s SmartVista Fraud Management allows banks to perform real-time transaction monitoring as well as near-real and offline validation modes, behavioural profiling functionality, rules-based analysis, comprehensive case management, and a notification engine and offers a 360-degree overview of data through numerous customisable dashboards and reports. The project went live in a record time of less than four months.
Commenting on the use of the solution in CBP’s fight against fraud, Susan Tee, regional head of market development, BPC, stated: “This project marks an important step in Malaysian fraud protection initiatives, and we are honoured to help CBP secure its digital channels. At BPC, we provide only future-proven, advanced solutions that help our customers to stay two steps ahead of any modern fraudster and their techniques.”
Leveraging BPC’s solution, CBP was able to meet BNM mandate for fraud protection while enhancing customer confidence in its mobile and internet services. The bank has reported significant improvements in its fraud detection processes and blocking of suspicious transactions before they occur, resulting in an increase in customer trust.
