Nowadays, the financial institution in Malaysia had widely
introduced their online banking facilities. Among of them are Maybank2U, CIMB
Click, I-Rakyat, Agronet and many others. It’s quick, it’s convenient, and it’s
accessible. No wonder Internet banking is popular. Unfortunately, security is
an issue. Not only do criminals target banking websites, but they target bank
customers as well. Not just the cash, but your personal information is at risk.
Given the personal details you share with your bank -- your Social Security
number, for instance -- the risk of identity theft looms large. Information,
vigilance and preventive action can help protect you when you bank online.
Cyber-Criminals vs.
Banks
No security shield will ever exist to stop cyber-criminals once
and for all. Even as banks lock out bad guys, the bad guys eventually find new
ways in. Customers can help banks protect their accounts by being
security-conscious themselves. Otherwise, it’s as if customers were leaving
their doors unlocked in a crime-ridden neighborhood. First, check your account
balance often and make sure every transaction in your record is one you
authorized. You need to report unauthorized activity to your bank immediately.
Take comfort in knowing that if a cyber attack raids your bank, the bank must
replace any money you lose. However, monitor your account regularly for
mysterious debits because if it's just your account that's hit, the bank can
set time limits on replacing lost funds. You might even have to pay a kind of
deductible before all of your funds are replaced, depending on how soon you
report the mystery debits. For example, a bank might say you must pay the first
$50 of the total amount stolen if you don't report the crime within three days
of it occurring.
Sketchy Online
Banks
Just because a polished website proclaims itself to be an online
bank doesn’t mean that it is or that it’s operating by the same rules as the
institution down the street. First, double-check the URL. Some fraudulent
sites, intent on trickery, use names or website addresses only slightly
different from a legitimate bank. Those who don’t notice input their passwords
to log in, unwittingly supplying the password to crooks. Check the site for the
FDIC logo or notice. Even better, go to the government's BankFind website,
which lists insured banks.
Phishing for
Treasure
Criminals fishing, or "phishing" in hacker-speak, for
bank information may pose as your bank or another official authority in an
email. The email entices you to click on a link. If you bite, you’re
transported to a counterfeit bank website. Logging in as demanded, you
unwittingly give thieves the key to your account, which they can now access at
will. The prevention: No matter how convincing, don’t visit your bank through
email links and remember that banks don’t ask for log-in information by phone
or email.
Precautionary
Measures
Never forget that security breaches often require your cooperation
to succeed. You don’t have to follow that link or bow to pressure to share your
PIN, for instance. Make breaking into your bank account harder by using a long,
randomly generated, secret password. You should use different passwords for
each online account, but especially make sure your bank password is unique.
That way, if a hacker gains access to another online login, it won’t open the
door to your money. Keep informed about the latest scams criminals are using to
target your money. To protect yourself, you must keep tabs on the thugs.
Sources: Sophie Johnson, Demand
Media - http://classroom.synonym.com/security-issues-relating-internet-banking-15984.html
