Online banking

Date: April 25, 2005
Source: star-techcentral.com
By: Ahmad Nasir Mohd Zin with Zahri Yunos

Internet banking services have been operational in Malaysia since 2001. Presently, only banking institutions licensed under the Banking and Financial Institution Act 1989 (Bafia) and Islamic Banking Act 1983 are allowed to offer Internet banking services here. There are 12 commercial banks (inclusive of Islamic banks) out of a total of 25 in Malaysia currently offering Internet banking services.

According to the 11th Malaysia Internet Survey conducted by ACNielsen, Internet banking is one of the most popular services utilised by Malaysian surfers. The survey found that 51% out of the total respondent base of 8,000 used the Internet for online banking once a month.

However, 2003 and 2004 saw the emergence of fraudulent activities pertaining to Internet banking or better known as “phishing.” A total of 92 phishing cases were reported to the Malaysian Computer Emergency Response Team (MyCERT, www.mycert.org.my) in 2004. The modus operandi of this activity is to use spoofing techniques to gain names and passwords of account holders.
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