Lets start off by taking a brief look at Internet and mobile banking numbers in Malaysia. As per statistics published by Bank Negara Malaysia, there are currently 31 banks offering Internet banking and 13 banks offering mobile banking services. And, as at the end of 2014 there were 17.6 million Internet banking subscribers representing a penetration to population rate of 58.2% and more than 5.6 million mobile banking subscribers representing a penetration to population rate of 18.6%.
What we’ve managed to establish through the above numbers is the range, popularity and extent of online banking services in Malaysia. Choosing the best online banking service from this large plate is simply not an easy task. Instead, we will try to come up with a few pointers to help you choose the best online banking service appropriate for your needs:
Recognize and understand your bank’s online security processes
Your bank would already have put in place a range of security measures to ensure the safety and confidentiality of your online banking experience. Some of them work behind the scenes while others require your active participation.
Behind the scene security measures
▪ 128-bit encryption to protect data communication with the bank
▪ Secure “https” website
▪ Internal firewalls
Measures requiring your active participation
▪ 2-Factor Authentication: The username / password which you use to login to your bank’s online banking platform forms the first part of 2FA. Additional authentication is usually provided by OTP or One-Time Passwords / PINs; this forms the second factor of authentication.
▪ OSD use: Your bank may have provided you with a small, hand-held device called the Online Security Device. This device generates One-Time PINs (OTPs) that are required to be used to authenticate financial transactions and a range of important, non-financial transactions.
Try and understand the depth and breadth of the security measures used by your bank. If you are not able to make sense of all the terms involved you can try checking out reputed security blogs or you can try and talk to a tech-savvy friend or the systems security expert in your organization to help you make sense of the technicalities involved.
Learn more about online security
Online security hazards are constantly evolving. To be prepared for them you need to be aware of them. Banks with great online banking platforms also take care to provide updated security learning to their customers. Citibank Malaysia’s online security section, for instance, provides a host of security tips; this section also carries a “Last modified” date so you know how current the information provided is.
Instant alert services
Check whether your bank also provides you with instant alerts through email and SMS, for free or for a small fee, everytime a transaction, financial or non-financial, goes through. Such alerts can keep you updated real-time on all activity on your account. And, even if a fraud is happening, such alerts could possibly help you quickly bring the situation under control.
Mobile Banking
Today, online banking has expanded to cover mobile technology as well. Great online/mobile banking platforms enable you to conduct banking transactions using your mobile browser, through SMS/Text banking and also through mobile banking “apps”. Check whether your bank provides you with the added convenience of a range of mobile banking services.