Monday, October 16, 2017

Perbadanan Insurans Deposit Malaysia Alerts Public on Protection Payment Scam

Perbadanan Insurans Deposit Malaysia (PIDM) reminds members of the public not to act on any request for payment or to transfer any money for the purpose of paying for protection provided by PIDM. 

“We wish to stress that the protection provided to bank depositors, takaful certificate and insurance policy owners is automatic. PIDM does not require payment of any kind from members of the public,” said Rafiz Azuan Abdullah, Chief Executive Officer.

PIDM has been alerted to recent incidents involving members of the public who were contacted by parties purportedly representing various organisations requesting payment for protection provided by PIDM. 

“Please contact our call centre at 1800-88-1266 for clarification or e-mail us at We also remind members of the public not to disclose their financial information, in particular their bank account or credit card details to third parties,” Rafiz added.

PIDM is a Government agency established under the PIDM Act to administer the Deposit Insurance System (DIS) and the Takaful and Insurance Benefits Protection System (TIPS). 

PIDM protects depositors, whether individuals or businesses, against the loss of
their insured bank deposits  and owners of takaful certificates and insurance policies from the loss of their eligible takaful and insurance benefits, in the event of a failure of its member institutions, comprising commercial and Islamic banks, insurance companies and takaful operators. 

For more information on the protection systems PIDM administers and a list of member institutions, contact our call centre at 1800-88-1266 or visit our website at


PIDM is a statutory body that provides protection against the loss of deposits and insurance or takaful benefits with its member institutions in the event of failure. PIDM is entirely funded by premiums or levies assessed on its member institutions and does not receive public funds to operate. It has the means under the PIDM Act to borrow or raise such funds as may be needed to fulfil its statutory obligations to protect financial consumers of its member institutions. As an integral part of the national financial safety net, the Corporation promotes and contributes to the stability of the financial system. 

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