is internet banking safe in malaysia?
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Thread: is internet banking safe in malaysia?

  1. #1
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    is internet banking safe in malaysia?

    hi all, just wanted to gather some thoughts on internet banking, whether it is safe in malaysia, and whether any of you have heard of cases where online bank accounts have been hacked into, like thru keystroke tracking thru spywares/other advanced progs (to get user passwords), other than the well-publisized method of phishing which needed user input. thanks!

  2. #2
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    Two words .. caveat emptor. Take the necessary precautions and it should be safe enough. From your examples above, a strong password, and an up to date spyware tracker should mitigate the risks quite substantially.
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  3. #3
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    It is safer than going to ATM & Banks.

    It is safe provided you use it with caution. Been using Mayban2u since it started many years back. Pay all utility online & lot's more. Try using it on your OWN PC. That should reduce lot's of risk.
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  4. #4
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    There will anyways be people who tries to hack and using phishing, via email and so forth....best way to beat it is...educating the users....read more on maybank here...

    http://www.maybank2u.com.my/online_s...web_site.shtml

    In terms of maybank there are alot of emails floating around warning to check/observe the URL that you are clicking to, eg https://www.mavbank2u.com.my/....blablabla just be aware of it...pay some close attention to the URL that you click....

  5. #5
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    To me anytime you surf the Internet you run the risk of your computer being hijacked and sensitive information retrieved and your privacy compromised. Remember how people just love to hack into Bill Gate's Window's systems and they have to constantly post security patches. Hackers are a talented lot. No amount of Internet security can prevent them from hacking into a site or even a bank's website if they want to. Look at the case of the Pentagon's system being hacked into. It was supposed to be very secure. Anytime you proudly proclaim that you cannot be hacked you open a challenge to would be and established hackers. Our local government's sites have been hacked into before. After the Perak take over, Nizar's info at Wikepedia was altered! The hackers get their extra adrenalin and endorphins from proving you wrong. So I still do banking the hard way.. call me an old-fashioned analogue dumbo.

  6. #6
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    i'm using spybot to remove spywares, however, this is not realtime (manually removed periodically). does this suffice? anyone heard of breaches in internet banking which is not user-inflicted?

  7. #7
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    Try reading "The Art of Deception" by Kevin Mitnick.

    You'll be surprised how many of these so called hacks are done by non hackers.

    In a lot of cases, it's the people who are the weakest link.

    If you do really search into the news archives, many of these so called robberies are inside jobs done by the staff.

  8. #8
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    i see your point, besitai2007, but i still much prefer to use online banking given the convenience, although one runs the risk, which i'm really trying to get a sense of and whether this risk can be managed and to the extent where it is within the control of a responsible user. furthermore, it really depends on how much risk we are talking about realistically and the probability of malaysia taking a strong hit by hackers.
    mayb i should reword my question so that it is more practical. anyone had/heard of a bad experience using maybank2u besides the well-publisized phishing technique on their website?

  9. #9
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    Not via Maybank but an overseas account. Happened a few of CNYs ago, we had the equivalent of m$xxx,000.00 moved from our offshore account to a bank account in the U.S. in the name of a Russian-sounding name !!! Discovered it by chance when we logged on to our account after coming home from our visiting duties on the 1st day of CNY. Called our bank immediately and were told that there was another amount waiting to be transferred to the said account. That was stopped immediately. To our bank's credit, all was resolved within 48 hours. We didn't lose a single cent. Later, the bank requested that we fill in a loooong questionaire that basically questioned us on our security (internet and likewise) habits and procedures.

    We had to emphasise to them that
    1. we have never divulged our password nor banking info to any third party.
    2. we have never responded to any phishing emails.
    3. we have never logged on to our bank account from a 3rd party computer.
    4. we have taken all reasonable percautions in terms of updating our internet security programs.
    5. (there were lots more specific questions that we couldn't recall anymore)

    How it happened in the first place we still don't know. We were made to understand that our bank managed to trace the location of the computer which was used to make the illegal transfers.

    Agree, caveat emptor, and also bearing in mind that criminals the world over are getting very sophisticated in these days. We suspect there is a large international syndicate involved.

  10. #10
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    thanks for sharing geordie, i also heard of illegal transfer of funds. well, as long as it's recoverable from the bank. any bankers out there, would like to hear your views..

  11. #11
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    If the internet banking facility you use also require entering a PIN from a personal security device and a password you will have a better access control.

  12. #12
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    Many bank's internet banking are not very secure because the password you enter can be tracked by keystroke tracking softwares. Those banks that has insufficient security mechanisms uses methods that insist the user to keep changing passwords every so many days.

    Do not use internet banking that does not use the secured "https" connection.

    Do not download and install questionable software you don't know what it does, and especially those freeware stuff. Use it only if you know that it is reputable, and widely accepted as safe.

    Even anti-spyware, can be dangerous as it can also spy on others as well.

    Practice 'safe (internet) usage' and that will reduce the risk.
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  13. #13
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    As I have said, if hackers can compromise a high security establishment like the Pentagon..what's our Maybank on line website to them? Easy as ABC. That's why I still don't use my Maybank on line facility. I don't mind the inconvenience of a bit of leg-work and lining up in the bank. Do you wonder why people do on-line banking, double park their cars and block others? For their own convenience. That's why fitness centres are thriving because people don't want to walk that extra distance.

    Some websites have tracking cookies to keep track of access to their sites..they are spywares which can cause inconvenience to you. I'm sure the Maybank website portal has cookies that keep track of your locking onto the site. Antispywares can do just that much..Spybot is not that great. Passwords can be encrypted..but not fool proof to a hacker.

  14. #14
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    I believe it is safe. The down side....RM2 per transaction as charged by Maybank.

  15. #15
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    I didnt save huge amount of money on account which have online banking access...

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