CIMB enhances online banking security with CIMB Clicks Transaction Protection

CIMB Bank has enhanced its authentication security for its CIMB Clicks online banking service with the launch of CIMB Clicks Transaction Protection solution.

 The new authentication mechanism validates in real time transactions performed via CIMB Clicks and calculates customers´ risk score based on their historical transactions. It immediately alerts the Bank if any statistically unusual transactions are made.

Offering a better analysis than before and now fully-automated, CIMB Click
sTransaction Protection is similar to how credit card companies determine unusual behaviour in credit card transactions, said Iswaraan Suppiah, Head of Group Information and Operations for CIMB Group.

If there is potential risk identified with a particular transaction, the customer may be contacted for further validation, or may be asked for additional information online, prior to the transaction being approved and processed.

Iswaraan added that suspected fraudulent transactions can also be halted before the money moves out of the client´s account.

The enhanced security has already managed to prevent RM600,000 of potential losses for its customers since it was implemented in mid-January this year, said Peter England, Head of Retail Financial Services for CIMB bank.

CIMB Clicks has 1.5 million active users and processes 20 million balance enquiries and two million financial transactions each month.

England adds that online banking via CIMB Clicks is 100 percent safe but stresses that customers must also do their part to protect their confidential banking information, which not only includes their user ID and password but also their ATM card and pin number.

Customers are reminded that they should never respond to emails requesting for any online updates to their bank accounts. Neither should they respond to any SMS that promises cash prizes as they could well be a scam.