Bank Negara Malaysia is conducting a joint investigation with the authorities into the Bank Pertanian Malaysia Bhd (Agrobank) system following the RM165.75 million loss incident, according to a report by The Edge. The system glitch caused the money to be siphoned out through 718 accounts at 19 financial institutions.
BNM said no customer funds were affected, their data was not taken and all financial services, including online banking and applications, continue to operate normally. financial services, including mobile and internet banking, continue to operate normally.
What exactly happened has yet to be confirmed by BNM or Agrobank. Speculation has it that it could be a hacker attack, the bank falling victim to fraud or a failure by a third-party service provider.
Agrobank has taken steps to strengthen its system monitoring capabilities, improve internal controls and engage external systems experts to conduct a comprehensive audit.