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FINANCIAL TECHNOLOGY | Cesar Tordesillas, Malaysia
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FMB's online transaction disputes reach 3,000

The Financial Mediation Bureau is handling some 3,000 cases at the moment with the increasing number of disputes in online transactions.

 

"The number is increasing as internet banking is now becoming a preferred medium for transactions," its chief executive officer, said John Thomas.

Thomas said since its establishment six years ago, the FBM, an independent organisation set up by Bank Negara Malaysia, had handled some 50,000 cases related to banking, finance, and insurance related matters.

"We are handling about 100 to 140 various cases a month," Thomas said, adding that the bureau currently had seven mediators and 14 assistant mediators.

As part of efforts to assist the public nationwide, Thomas said FBM planned to have a representative in all BNM branches in every state, next year.

The bureau is currently operating at Dataran Kewangan Darul Takaful, Jalan Sultan Sulaiman in Kuala Lumpur, which is also its headquarters.

Thomas said FMB handled complaints, disputes and claims on a free of charge basis and its services were "fast, convenient, and efficient" when compared with courts and arbitration.

He said the types of complaints, disputes and claims that can be referred to the FMB are related to banking or finance products including Islamic banking and limited to RM100,000.

FMB also handles fraud cases involving payment instruments, credit card, charge cards, ATM cards and cheques for which the limit is RM25,000.

As for insurance and Takaful matters, FMB handles up to RM200,000 for motor and fire insurance Takaful policy; up to RM100,000 for other types of insurance/Takaful policies such as medical, personal accident and travel; and up to RM50,000 for third party property damage claims.

The fusll sotry is available at Bernama News.

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