Part I: Is Internet banking safe? Is online banking safe?
As in any other system, there are risks involved in Internet banking. However, potential risks are mitigated with banking institutions' continuous check on the security of the system and the care taken by you when using Internet banking services.
- Actions taken by banking institutions to ensure security
In offering Internet banking services, banking institutions have invested considerable resources and efforts to ensure that their Internet banking set up is safe for consumers. In addition, banking institutions are also required to comply with the minimum guidelines issued by Bank Negara Malaysia 1.
Amongst the safety measures taken by banking institutions are:
- Regular tests of the system to ensure its reliability
- Provision of security arrangements to ensure a secure infrastructure:
* A number of security measures such as encryption, firewalls, automatic log-off and monitoring tools
* A system to detect and disable attacks from hackers
- A two-factor authentication method that provides two levels of checking to validate the user
- Undertake a periodic review every 6 months to assess possible risks and detect possible weaknesses in the banking institution's risk management system
You can find information about the banking institution's
- The official website of Bank Negara Malaysia
Reprinted with permission from BankingInfo (A Consumer Education Programme)
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