Bandar Seri Begawan - Bank Islam Brunei Darussalam (BIBD), in a recent press release, has reiterated its dedication to bolstering Brunei's financial stability while ensuring the safety of customer deposits at all times. This statement comes as a reassurance to the public amidst a backdrop of circulating rumors and social media posts that have raised concerns regarding the bank's deposit security.
According to Radio Television Brunei, as a systemically important financial institution in the country, it recognizes the potential harm baseless rumors and irresponsible online behavior can have on public confidence and, by extension, on the stability of the financial system. The bank sought to clarify certain aspects following its initial announcement on April 2, 2024, particularly concerning the impossibility of online transfers for passbook account holders without 'BIBD NEXGEN' online banking facilities, emphasizing the security protocols surrounding Debit Card issuance and online banking registration.
BIBD underscored the stringent customer confidentiality rules it operates under, which limit the bank's ability to disclose information relating to criminal, fraudulent, or illegal activities. The Criminal Assets Recovery (Amendment) Order 2023, for instance, mandates BIBD to maintain the confidentiality of shared information, with procedures in place to prevent 'tipping-off' about ongoing investigations. The bank highlighted that spreading false reports that may disturb public order is punishable under the Public Order Act Section 148, and legal action may be pursued against those spreading misinformation.
The effectiveness of BIBD's security measures and its collaboration with law enforcement is evident from the recent arrest of seven individuals linked to a telephone fraud syndicate. The bank also reported receiving several complaints of unauthorized fund transfers, attributed to unauthorized access or account takeovers. BIBD reassures that it adheres to strict security protocols to protect account holders from such threats, affirming the safety and security of the BIBD NEXGEN mobile banking platform.
BIBD maintains a zero-tolerance policy towards fraud, committed either by external parties or insiders, urging account holders to safeguard their account details and refrain from sharing them. This commitment to security is part of BIBD's broader efforts to support the integrity of Brunei's financial system and to ensure the protection of its customers.