Is it secure to bank online?

When secure bank technology on the back end is combined with attentive consumers on the front end, online internet banking in Malaysia is safe. It is your responsibility as an account holder to keep your money safe.

Large-scale data breaches make the news, but hackers often target consumers directly on a smaller scale. Fraudsters frequently utilise phishing scams, in which they send emails or text messages purporting to be from a financial institution in the hopes of luring an unsuspecting consumer in.

The notification could indicate that there is an issue with your account and request your bank password or Social Security number. It might also state you won $100 million, but you need to provide your account details in order to receive the monies. If you respond, the criminal may be able to use your details to make unlawful purchases or remove funds from your account. Do not respond to emails or click on links that appear to be too nice — or too horrible — to be real.

Improve your online banking security to keep yourself protected.

Choose a secure institution. You presumably already desire a low-fee, high-interest bank or credit union. Ensure top-notch security. Then, use strong technologies to protect your internet accounts, as described above. The bank’s website or fine print may detail security features. 

Multifactor authentication is another. How it works: Instead of only asking for a username and password, the financial institution asks for another piece of information to authenticate your identity. It may be a text message passcode or even your own fingerprint. It’s just another layer, harder to take.

Many of the biggest online banks — and traditional institutions with online accounts — follow these requirements, so finding one should be simple.

online internet banking in Malaysia

Avoid public Wi-Fi for banking. Unless each page you visit is encrypted, you can’t be sure who sees what you send online. Your home network’s security is excellent. If you must log in while away from home, use your cellular data plan or a virtual private network (VPN). Check for web page encryption by ensuring the browser address begins with “https.” The “s” indicates a secure page.

Update anti-virus software. Update it on your home computers and mobile devices.

Regularly change passwords Use difficult-to-guess combinations of uppercase and lowercase letters, numerals, and symbols. The more complicated the password, the more difficult it will be to hack.

Get text alerts. Many financial institutions allow consumers to receive text or email alerts when substantial transactions or balances occur on their accounts. Customers can contact their bank promptly if they see a transaction or transfer they did not initiate, protecting their accounts from additional fraud. Customers can also dispute unlawful charges for 60 days following receipt.

You may deposit checks, send money to friends and family, and earn extra interest from online-only banks that provide the greatest rates. Make sure your bank uses industry-standard security technology to protect your accounts. This way, you can enjoy internet banking while keeping your accounts secure.