Strange Goings-on in Some Banks

Banks used to be very safe and secure places. There even is a saying, “As safe as a bank.”
Not any more after so many bank scandals in recent years – even in Malaysia.

So today’s front page story in the Star should not really be so surprising. I wonder why the particular bank was not mentioned so that their customers will be more wary when dealing with it.

The story is one of stolen identity and should be dealt with under a Data Protection Act except that Malaysia does not have such an act that makes it an offence not to properly secure all customers’ details.

Apart from a stolen identity, there is also an element of fraud as a 4-year old was entered as a guarantor for a car loan.
It shows how little verification the bank did to establish the bona fides of the application.

It should be a case for Bank Negara to check this bank out to ensure that these questionable loans are not widespread.

As for the bank’s apology to the family, it is a feeble reaction. If it had happened to my family, I would have ignored the demand letters and let the bank end up with more cream on its face later.

photo: http://www.eosc.edu/news/2004/photos/pie_face1_400.jpg