contents 1Introduction 2 Banking on the Internet Fast and convenient 3 What is needed to do Internet banking?
How to apply to be an Internet banking user? 4 Banking services available online Before you sign up 5 Is Internet banking safe? 9 Internet security threats 10 Privacy of your personal information 12 Frequently asked questions 16 Glossary Disclaimer This document is intended for your general information only. It does not contain exhaustive advice or information relating to the subject matter nor should it be used as a substitute for legal advice. Date: 1 April 2007
Introduction
Internet banking allows you to manage your finances from home, work or from just about anywhere in the world. The purpose of this booklet is to provide information on Internet banking services offered by licensed banking institutions in Malaysia.
Manage your finances
from just about anywhere in the world
BANKING ON THE INTERNET
Currently, only banking institutions
licensed under the Banking and Financial Institutions Act 1989 and the Islamic Banking Act 1983 are allowed to offer Internet banking services in Malaysia. A list of banking institutions that were granted approval by Bank Negara Malaysia to offer Internet banking services is available on Bank Negara Malaysia's home page [Link].
FAST AND CONVENIENT
Internet banking provides you with a fast and convenient way to undertake various banking transactions during and after banking hours. Most banking institutions offer the service 24 hours a day, 7 days a week. You avoid travelling time and the need to wait in queues to access banking services or to pay bills.
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BANKING ON THE INTERNET
Currently, only banking institutions licensed under the Banking and Financial Institutions Act 1989 and the Islamic Banking Act 1983 are allowed to offer Internet banking services in Malaysia.
A list of banking institutions that were granted approval by Bank Negara Malaysia to offer Internet banking services is available on Bank Negara Malaysia's home page [Link].
FAST AND CONVENIENT
Internet banking provides you with a fast and convenient way to undertake various
banking transactions during and after banking hours. Most banking institutions offer the service 24 hours a day, 7 days a week. You avoid travelling time and the need to wait in queues to access banking services or to pay bills.
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Some additional services offered include mobile airtime reload, interest rates calculator and foreign currency converters. Please check with your banking institution for the full list of services offered and the additional features and channels that are available.
BEFORE YOU SIGN UP
Prior to signing up for the service, you are advised to read and understand the terms and conditions of the service, which should provide: Information on duties of the banking institution and its customers Information on who will be liable for unauthorised or fraudulent transactions Mode by which you will be notified of changes in terms and conditions Information relating to how to lodge a complaint, and how a complaint is investigated and resolved
BANKING SERVICES AVAILABLE ONLINE
With Internet banking facilities, you will be able to perform a variety of banking transactions online. Depending on the banking institution, the main services offered through Internet banking allows you to: Check your balances and statements Submit applications for new accounts, credit cards or loans Place fixed deposits Transfer funds between accounts (own and third party) Pay bills, credit cards, loans and insurance premiums
Create, change and cancel standing orders Request for cheque books and statements Check status or stop payment of your cheques Apply for bank drafts and telegraphic transfers
Measures are taken by banking institutions to ensure a
secure website
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You should also discuss with your banking institution the risks involved in using Internet banking services and to understand fully your rights and responsibilities.
IS INTERNET 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. 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 institutions risk management system You can find information about the banking institution's security practices on its website.
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