KUALA LUMPUR, Nov 5 (Bernama) -- Bursa Malaysia closed higher, buoyed by Bank Negara Malaysia’s (BNM) decision to maintain the Overnight Policy Rate (OPR) at 2.75 per cent, alongside positive cues from Wall Street. At 5 pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) rose 19.30 points, or 1.19 per cent, to 1,635.86 from Wednesday’s close of 1,616.56. The benchmark index opened 6.72 points higher at 1,623.28, and fluctuated between an intraday high of 1,642.44 and a low of 1,622.62 during the trading session. However, market breadth was negative, with losers outnumbering gainers 723 to 497, while 466 counters were unchanged, 1,075 untraded and 10 suspended. Turnover rose to 3.74 billion units valued at RM3.61 billion compared with yesterday’s 2.81 billion units valued at RM2.57 billion.
The UK government has granted banks more time to investigate payments they suspect might be fraudulent, offering a reprieve to lenders ahead of new rules requiring them to reimburse scam victims. Previously, banks had to process such payments by the next business day, but the new law will give them an extra 72 hours if there are "reasonable grounds" for suspicion.
“This will allow payment providers to reach out to customers and provide the advice needed to prevent criminals from stealing their money,” said Ben Donaldson, managing director of economic crime at UK Finance.
The change comes in response to a global surge in authorised push payment (APP) fraud, where criminals trick victims into sending money to external accounts. Losses in the UK alone reached £460 million in 2023. Under new rules effective Oct 7, British banks, fintechs, and payment firms will be required to reimburse fraud victims within five days, with the cost shared between the sending and receiving banks. Refunds can go up to £85,000.
The new rules, which may cause delays in bill payments and bank transfers, require banks to provide evidence justifying the delay. Banks will also be liable for any interest or late fees incurred due to the delay.
As part of efforts to tackle fraud, Meta Platforms Inc has partnered with banks like NatWest and Metro Bank to remove fraudulent accounts. The pilot program led to the removal of 20,000 scam accounts, according to Meta.
“We are giving banks more time to investigate suspicious payments and break the criminal spell that scammers weave,” said Tulip Siddiq, economic secretary to the Treasury.
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