Maybank's Predicament: Disappearing Digits


As of late, Maybank’s plate is filled to the brim with customer complaints. Some of the cases Maybank’s faced include Candra’s reported missing savings worth of Rp72.653.000 in Maybank Urip Sumoharjo Solo, Central Java. According to Gading (Candra’s law advisor), the disappearance of his client’s savings started from when Candra’s sim card lost connection. Furthermore, the other blow hit Maybank just a couple weeks ago. Esports athlete, Winda Lunardi, lost her money worth a massive sum of Rp22 billion. Director of Research Center of Reforms on Economics (CORE) Indonesia, Piter Abdullah, said that the unfortunate event happened due to the negligence of both parties (the bank and the customer), which therefore opened an opportunity for an irresponsible third party to take the advantage created. Despite all that, the fate of Winda's money has finally begun to clear. PT Bank Maybank Indonesia Tbk (BNII) ensures that Maybank will replace the Rp 22 billion loss of funds belonging to Winda and her mother which were misused by branch leaders. So then, what comes next? According to Maybank Indonesia spokesman, Tommy Hersyaputera, the company is currently exploring several procedural options related to the process of replacing affected customers' funds, one of which is through mediation efforts supported by the Consumers Protection Department, Otoritas Jasa Keuangan (OJK).


The reappearance of the Maybank case did not have a bad impact on Maybank stock (BNII), it was observed that on Wednesday (11/18), BNII was still advancing in position 230. Related to the disappearance of Rp72 million, Maybank actually has conducted an investigation as their response to this problem. From the investigation, Maybank found out that the transaction was carried out via mobile banking, not at a branch office. "As for the customer complaint we received since last June about the loss of funds of Rp 72 million in the bank account, our investigation shows that there has been a transfer of funds through the customer's mobile banking," stated by Tommy Hersyaputera. In addition, Tommy added that the transaction from the customer's account to the third party's account was carried out according to the specified mechanism and had gone through the security features stipulated in transactions via mobile banking, especially since Maybank also reminded every customer to keep their User ID and Password, also their TAC (Transaction Authorization Code). They also claimed that, based on their search, they didn't find any breach in their mobile app that could cause a customer access' violation. On the other side, OJK tried to facilitate a meeting for both the customer and Maybank to reach up a solution for this problem.


In response to the late report, OJK decided to pay more attention to transactions outside of the bank regulations or known as shadow banking practice. Wimboh Santoso, Head of the Board of Commissioners of OJK, mentioned that the expansion of digital transactions crops up due to the restrictions of direct interactions during these current circumstances, and this expansion leads to shadow banking more likely to occur. Although, he emphasized that banks have a better security level than other financial services industries because they are strictly regulated and have a robust prudential principle. Apart from the shadow banking phenomenon, OJK also pays attention to virtual banking practice, which provides bank products without its permission. Bank Indonesia also takes one further measure in responding to this late matter by encouraging all fintech services to be integrated by the banks. Destry Damayanti, senior deputy governor of Bank Indonesia, explains the upcoming plan to avoid other shadow banking practices on Wednesday (11/4) by stating, "We (Bank Indonesia) will open an accessible link for banks and fintech. The purpose, is to avoid the occurrence of shadow banking where the fast-developing fintech industry that can't be well monitored, which happened in some countries in Asia." In essence, the pandemic has caused the digitalization of banks' operations and other financial firms. However, customers and policymakers should be more aware of their cybersecurity and customer protection following these rapid changes in our financial landscape.


Sources:

CNBC Indonesia

CNN Indonesia

Detik Finance

Kompas


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