Online Security: How Safe Are You?

Online Banking Scam - many of us receives phishing emails everyday in our in-boxes. Some emails are convincing while some are too detailed (or lack of) to be convincing.

The "Failure to do so" statement gave it all away.

As we enter the phase of rapid modernization, there is no doubt that technology plays a vital role in our lives today. Have you ever wondered what life would be like without technology? End of the world? To some, perhaps. Considering how high-tech gadgets are flying off store shelves, electrical appliances easing our chores around homes, and almost every aspect of our lives shifting gears to the virtual world, mark our words when we say technology is here to stay.

Technology & Vulnerabilities

Amidst all this, technology in itself may pose a danger to us especially in terms of security and privacy. Isn’t it scary when you find out that your account has been hacked into? Can you guarantee that no individual will be able to figure out your seemingly impossible password? 

Yes, life is easier but it’s hard to ensure that our security is not compromised.

"Click here to Lose Money"

The same applies to digital banking, a service that has been constantly growing in acceptance over the years.  Introduced to the public in 2000, it received mixed reviews by critics and users alike. The idea of banking in the virtual realm back then seemed foreign to people as it was still in its infant stage.

“Amongst the concerns raised by users, many questioned the safety of submitting personal information via the internet, along with making online transactions,” said Alan Ang, CTO of a technology company.  “There were a few high profile online fraud cases that hit the headlines, causing many to reconsider their choice to transact online,” he explained.

Always ensure that the website URL is valid and if possible is HTTPS and not just HTTP. The S signify a "secured" connection

Conversely, Malaysia stepped up to the challenge to ensure the effectiveness of online security.  Across the board, proactive steps were taken legally as well as technologically in order to improve web security and regain consumer confidence along the way. Fast forward to our time, the effort has not gone unnoticed as the flourishing digital banking and e-commerce systems have impacted millions of lives besides earning the trust of its users.
Convenience

Digital banking is a service that many cannot without nowadays. Considering the hours that a typical urban Malaysian work, it would be really time consuming having to go to multiple locations to run errands and to sort bills.  Digital banking allows them to do it at any time of the day (though some bank taken a step further by limiting transaction beyond 11pm), and at any location, without having to drive, park and wait in line.

This convenience provide users with an added sense of security and confidence, being able to make various payments without having to physically carry and transfer large amounts of cash.  Considering the public’s concern about petty crime on the street, being able to do banking on phone regardless of time and place can be comforting for most.  Digital banking really does allow  them to keep a distance from potential harm’s way.

Today, the convenience of digital banking goes beyond services like loan repayments, statement reporting and fund transfers.  Almost every single bank in Malaysia is caught up in the race to provide not only one of the best online banking services, but to also make certain that their security system is top notch. Protecting the privacy and security of their users is of utmost importance. Whilst we enjoy the benefits of online banking such as paying bills and taxes, purchasing tickets for movies or flights, and even shopping online, it is definitely good to know that our money is in the hands of people whom we can trust.

The banking portal is a practical tool for everyone and anyone, be it youths or adults, employers or employees. With some banks that feature mobile apps for smart phones, they can do transactions, transfers and purchases anytime and anywhere, without the fear that my security and privacy is compromised.

The Bottom Line

There is no denying the fact that digital banking and e-commerce are growing in popularity and Malaysians are welcoming this change with open arms as they now find digital banking the better option. But as we embrace this new system, it is essential to note that security will always play a crucial factor and it is good to know that it has not been neglected by the banks in Malaysia. New and improved online banking security will not only take digital banking to the next level but will also win the confidence of existing and new users.

Enjoy the convenience of digital banking today! Get yourself to the nearest Maybank branch and activate your Maybank2u account now. For more information, visit www.maybank2u.com