Online Banking Safe or Not?

With revolutionary technology sciences being injected with creative ideas everyday, hackers are getting savvy – Crack the code and get the money. Is it actually safe to do internet banking?

Just recently, hackers got into the accounts of different merchants out there performing illegal activities like fishing out identities of credit card holders known to have bought goods/items from different retail outlets. Using their so-called ‘technological improvements’, the 11 hackers from Estonia, China Belarus and Ukraine stole 11 million credit card numbers for the use of fraud.

Online banking is an easy way to do banking – No more hassles, queuing, documents, hectic rush, parking problems and pen ink spillage. Common banking transactions can now be done over the internet with banks around Malaysia offering their internet banking portals – Relieving you off your work pain; giving you an absolute convenience. With internet banking, you can:

1. Apply for telegraphic transfers and bank drafts.
2. Do a third party monetary transaction.
3. Transfer funds between local banking accounts.
4. Pay bills, credit cards and premiums.
5. Submit application(s) for new loans, credit cards and banking accounts.
6. Check your credit card statement and banking account balances.
7. Send requests to:

a) Stop cheque payments
b) Check cheque status

    8. Request for cheque books
    9. Create, change and cancel standing orders.
    10. Book cinema tickets online.
    11. Buy online via online banking payment gateway.

      How safe is internet banking?

      Online banking has been vouching for more security due to the rising number of frauds lately. How safe could that safe be? Here are some tips.

      Commercial banks in Malaysia leech on our pockets every single day without us knowing – Service fees, ATM fees, minimum balance fees, premiums, interests, etc. Here are some tips on how to Avoid Banking Fees. Regardless of what way we use to perform transactions, whether it’s on or off-line banking; there are still fraudulent activities will be or to be performed. Here are the tips

      1. Check the list of banks in Malaysia

      Always be sure to select banks that are authoritative in terms of security. Alternatively, you can check Weiss Ratings which rates the strongest and weakest banks in a particular nation.

      2. Keep personal information close to yourself.

      You can combat online banking frauds if you follow certain rules of thumb for your passwords. Do not store passwords in places where people would probably find them, or use passwords which are guessable. Always remember to use CAPITALS, small case letters, Numbers (123), and special characters like the Dash (-) if allowed.

      3. Check the authenticity of the site

      For maximum security purposes, make sure the pages that you visit has (HTTPS://) on your Address Bar. This is a more secured version of the regular HTTP you use to see. Wiki has an explanation for it.

      4. Have your computer protected first

      a) Get a Firewall for your computer

      b) Make sure your computer is free of viruses and malicious software

      c) Clear your computer’s cache information or cookies after logging off

      5. Never do online banking using a public computer (or friend’s)

      Using a public computer can expose you to a high risk of identity theft. If you do not have your computer with you at the moment, or couldn’t find a connection, delay the process of your online banking/purchase.

      6. Perform correct online banking practices

      a) Logging Out

      Be sure to hit the log out button once you’re done with your transactions or internet banking. This feature will help you clear traces of your transactions or online banking activities that might be tapped by hackers.

      b) Getting the job done quickly

      Do not take too long to perform your banking, or leave the computer for more than 3 minutes after logging in. Get the job done, click on the log-out link, and clear your cookies.

      c) Accurately keying in personal information

      Key in only required information and leave all unnecessary options out. This do not happen often but during online purchases, there are risks involved in giving out too much information.

      d) Read the Guide to Online Banking first

      Your banking institution always provide a ‘Support’ area where you can pose questions or read the FAQ (Frequently Asked Questions).

      e) Do not store password in programs

      Certain programs can index and default your information input to its system for convenience purposes. Always disable that option and don’t be too lazy to key in your information each and every transaction.

      f) Do not send/save pin numbers in emails or web programs

      Saving your pin numbers in emails, mailing programs, or transacting them through the net is very dangerous. If you need to pass information to someone, be sure to use the organic way – Mouth.

      g) Disabling file and printer sharing in your computer

      The File and Printer Sharing option in older versions of Windows (XP SP1 and before) possess a threat to your system because there is a loophole in the Operating System (OS) enabling hackers to access your computer with trojans or viruses. Turn that option off. Click here to find out how.

      7) Be wary of SCAMS and fraudulent messages

      Instant Messaging softwares like MSN, Skype, Yahoo IM, AOL are all susceptible to scam one way or the another. Their target is not the IM itself, but YOU, the user. Do not click on links that you do not recognize or make your way through to links that emails ask you to. Should you find any of these activities performed online, you can always visit the Fraud Information Portal by USA.gov.

      The mortgage and financial consulting services are offered to you FREE of charge without any obligations. Kindly contact us or email to consultant@malaysialoan.com.my if you need any enquiry. Thank You.

      About the author

      Malaysia Loan

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