KUALA LUMPUR, March 4- Bank Negara Malaysia (BNM) has improved its existing policy by emphasizing the principle of 'joint accountability', towards strengthening the protection of consumer rights.

This is for cases that clearly involve weaknesses from both parties, namely banks and customers.

Deputy Finance Minister Lim Hui Ying said that generally, it covers cases that result from the bank's failure to block suspicious transactions, failure to identify repeated transactions within a short period of time and transactions that are not usual for customers.

This includes customer negligence when making online transactions.

"With the implementation of this policy, the burden of losses in such cases should not be borne entirely by the victim. Victims are entitled to appropriate compensation.

Any investigation case that is not in favor of the customer is subject to independent review to ensure an objective assessment," Lim said in Parliament, today.

In the meantime, Lim explained that the new policy also emphasizes consumer responsibility as the main bulwark in dealing with online banking fraud issues.

The aim is for users to always be vigilant in protecting their personal security details.

Users are reminded not to download applications from untrusted sources and to change their passwords regularly to ensure that a good security level is maintained.

"However, there are still users who voluntarily reveal their personal security details by downloading applications from untrusted sources, resulting in unauthorized transactions.

"The 2021 Demand-Side Financial Capability and Inclusion Survey found that 37 percent of respondents voluntarily share their banking passwords with close friends, 62 percent ignore the security features of the bank websites they visit, while 89 percent rarely change their passwords.

This improvement is not only fairer to both parties, but also creates a more mindful and vigilant society," added Lim.