New Straits Times & Utusan Malaysia
Almost half of consumers in Malaysia have had their financial information compromised, according to KPMG’s Consumer Loss Barometer –The Economics of Trust reported. The report said 49 per cent of consumers from Malaysia have had their financial information compromised higher than the global average of 37 per cent.
Adrian Lee, Head of Financial Services at KPMG in Malaysia urged financial institutions to show they take security of their customer’s information seriously, both in their customers’ broader security needs and in their interactions with them.
“Whether or not financial institutions regard it as their responsibility, it is something that they need to be very cognizant about or they run the risk of losing their customers’ trust, which is a priceless commodity. The shift towards digital banking is happening at great speed. A key gateway that promotes this trend is mobile devices because they are seen as a convenient way to cater to potential customers within the unbanked population,” he said.
© 2020 KPMG PLT, a limited liability partnership established under Malaysian law and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative ("KPMG International"), a Swiss entity. All rights reserved.