Lets start off by examining a few interesting pieces of statistics:
▪ There are 17.2 million Internet banking and nearly 5.5 million mobile banking subscribers in Malaysia as on September 2014*.
▪ Internet banking transactions for the first three quarters of 2014 totalled over 255 million with a value of 3,047.8 billion Ringgit. In 2013, there were 269.8 million transactions with a value of 3,457.6 billion Ringgit*.
▪ In the same period (Jan ’14 – Sep ’14) there were 166.4 million mobile banking transactions valued at 10,626.9 million Ringgit*.
▪ Losses due to Internet banking fraud in 2012 amounted to 3.2 million Ringgit#.
What the above stats show us is that online (Internet & mobile) banking has really taken off among Malaysians. And, more disturbingly, online fraud has not lagged behind.
All the relevant authorities are in agreement that most cases of fraud can be prevented if consumers exercise due caution. We’ve tried to summarize some best practices that if properly implemented could help you enjoy a safe online banking experience:
Data security :
Keeping your data – your personal details, your login information etc – secure is of paramount information. Lets review a few measures on ensuring security for your data:
1. Do not store your ATM/Telephone PIN, online banking username(s) and password(s), especially on your mobile or laptop.
2. Do not divulge your username, passwords, PINs and other confidential banking information to anyone, including those purportedly from the bank or a regulator.
3. Secure all your banking-related documents (hard and soft copies) in a safe place.
4. Select passwords that are not easily relatable to you. Your date of birth, your child’s name etc are easily guessable options and are to be strictly avoided.
Device security :
Next is ensuring the safety of the device – a laptop, a smartphone, a desktop or a tablet – through which you access your bank online. Check out the following:
5. Make sure the auto save option on your device is turned off and does not capture your banking username(s) and password(s).
6. Use a reputed anti-virus software on your device to keep it safe from attack by malicious software.
7. Log out when you’ve completed your banking session. Closing your browser without logging out is a strict no-no. Finally, clear your browser’s cache and history after each session to remove any stored/captured details.
8. Be extra careful when banking on a public/shared device or through a public/shared network. Better still, avoid banking through such channels.
9. Alerts and monitoring : Most banks provide transactional alerts through SMS and email. Register for such services; it could help identify suspicious activities on your account, in time. And, even if you do not want to transact, make the time to login and check your transactions against banking and card statements, receipts etc. Pay particular attention to transactions that you don’t recognize.
10. Learn : Fraudsters keep evolving with time, using more and more sophisticated methods to lure victims. Constantly educate yourself about fraudsters and their evolving methods. Most banks have sections on their websites and send regular updates on how to identify and deal with fraud. Bank Negara Malaysia and the Malaysian Cyber Security Agency’s websites also have informative sections on identifying and dealing with fraud. Make the time to read through them.
Report : Despite all preventive measures, if you do suspect that you have fallen victim to fraud, bring the issue to your bank’s notice immediately. Your bank will stop all further transactions on your account till the issue has been cleared. You could also try contacting the Cyber999 Help Center of CyberSecurity Malaysia.
* Statistics courtesy – Bank Negara Malaysia
# Statistics courtesy – Cyber Security Malaysia