speeches & interviews governor's speech at the launching of financial crime exhibition speaker : tan sri nor shamsiah mohd yunus / venue : kuala lumpur / language : english / speech / interview date : 26 sep 2022 / welcome to the launch of the financial crime exhibition. first of all, i would like to express my appreciation and gratitude to the inspector - general of the police for joining us at the launch of this virtual exhibition. scams and cybercrimes have been on the rise of late, not just in malaysia but all around the world. this is a concerning development which bank negara malaysia ( bnm ) takes seriously. this is especially so where these cases concern financial scams. we have been and will continue to step up efforts to combat financial scams, and in doing so collaborate with other stakeholders. these include rolling out preventive measures, pursuing more effective and coordinated enforcement actions, and raising public awareness. bnm requires banks in malaysia to adopt high standards of security, especially for internet and mobile banking services. from time to time, bnm also issues security advisories to the financial industry highlighting the latest modus operandi ( tactics ) of scammers and additional security measures that banks need to implement to protect their customers'savings. the reality, however, is that methods used by criminals will continue to evolve. bnm therefore continuously intensifies efforts and take steps to combat scams by introducing additional controls and safeguards from time to time. on this occasion, i would therefore like to announce the following measures which we have instructed financial institutions to take, to further strengthen safeguards against financial scams. first, financial institutions are required to migrate from sms one time passwords ( otp ) to more secure forms of authentication for online activities or transactions relating to account opening, fund transfers and payments, as well as changes to personal information and account settings. the major banks have already started this process of migrating to more secure forms of authentication ; second, financial institutions will further tighten fraud detection rules and triggers for blocking suspected scam transactions. customers will be immediately alerted when any such activity involving their banking accounts is detected. as an additional measure, financial institutions will block such transactions, and customers will be asked to confirm that such transactions are genuine before they are unblocked ; third, a cooling - off period will be observed for the first - time enrolment of online banking services or secure devices. during this time, no online banking activity is allowed to

. some that experienced considerable turbulence in the middle of last year, when tapering was first mooted, have seen less of that recently. this owes something at least to policy responses in those countries in the intervening period. among those countries that have been under most pressure of late, genuine domestic sources of risk can be observed in most instances. in several cases the market pressure has resulted in policy responses, which were perhaps needed anyway. in general then, tapering is proceeding, so far, about as well as can be expected. in the meantime, forecasts for the global economy haven ’ t changed much in recent months. if anything they have inched higher. they suggest that 2014 growth will be higher than in 2013, and at about average pace. more of the growth is coming from the advanced countries, and proportionately not quite so much from the emerging ones. that, too, is bis central bankers ’ speeches probably a welcome re - balancing in some respects after the weakness of the advanced countries in recent years. australia ’ s terms of trade have been little changed over the past year, though we still assume they will decline further in the future. turning to the australian economy, for some time our view has been that growth has been running below its trend pace. the national accounts released a couple of days ago don ’ t significantly change that assessment. for the year to the december quarter of 2013, real gdp rose by about 2¾ per cent. this is roughly in line with the forecasts we have had for a while. the drivers of growth are shifting. as we have been saying for some time now, and as confirmed in the recent survey of capital expenditure intentions by firms, the very high level of investment spending by mining companies has turned down, and the decline will accelerate over the coming year. other areas of demand will provide at least some offset. export volumes for resources are growing strongly, as the capacity that has been put in place by the high levels of investment comes on line. for example, iron ore shipments have risen by about 85 per cent from their levels of five years ago, to around 1. 5 million tonnes per day. they will rise further over the coming year or two. it is clear that dwelling investment activity will rise strongly over the period ahead. over the past three months, approvals to build private dwellings numbered almost 50, 000. that is an increase of about 27 per cent from the figures of a year earlier, and is the highest threemonth total in