As Internet users display more of their personal information on social networking Web sites, and office workers upload more sensitive data to online software programs, computer hackers are employing increasingly sophisticated methods to pry that information loose. In many cases, they are devising small attacks that can fly under the radar of traditional security software, while exploiting the trust users place in popular business and consumer Web sites.
With the use of Internet continues to expand and for the sake of convenience, more banks and thrifts are using the Web to conduct banking business and services. Like other growing countries, Malaysians, no doubt have taken into online banking system. However, how safe is our money from fraudsters, who are luring people to reveal their personal details using increasingly advanced scams and software? Each year, online banking customers are being defrauded of more than $25million. It often happened when victims, who have fallen to phishing scams, revealed that hoax emails are sent to their inboxes, convincing them as though they are from the organizations such as bank. These emails are designed to trick the unsuspecting consumers who then idly handed over their banking account numbers, passwords and PINS. Furthermore, sadly, customers are personally liable if they disclose their password or unreasonably delay reporting the fraud. In addition to the numbers of viruses unleashed each day to engulf public and organization who are relying on Internet, valuable and confidential data cannot be underestimated.
Nevertheless, online bankers don’t need to frown because as consumers rapidly took up Internet connection for their computers, banks have also upgraded their system and continuously implementing better security system that is able to look for fraud in real time and investigating technologies such as factor authentication. Two factors authentication is achieved when a keychain sized generator is attached and synched with the bank systems and this generator will generate ever changing code. The code is then purposed to be entered into the customer’s online banking login, combining with the existing passwords and this code is send to customers via SMS of mobile phone. In practice, only a small percentage of banks are using the two factor authentication due to inconvenience to customers and added costs to banks.
The law regulator and policies makers have also contribute their part to ensure online banking is safe for consumers. Most financial institutions are required by the law to abide in using 128-Bit SSL encryption. When one is doing online banking or purchasing over the web, one must ensure your information is being transferred securely. This can be done by checking whether the domain in front of the web address is displayed as https:// (Hypertext Transfer Protocol over Secure Socket Layer or HTTP over SSL). When the user is in such web page, it is hard for another party to steal valuable information from the webpage. In addition, one’s browser should also display a little lock image at the lower right hand corner of the page.
Being the consumer, one will also need to take precaution on their side. Consumers need to be alert that banks or financial institutions will not, via emails to enquire customers to enter security or financial details but through phone calls or letters. Most banks are targeted by such counterfeit website and cause millions of losses to both banks and public. Hence, if in doubt, a consumer should not hesitate to contact the subjected banks for confirmation. Online bankers also need to take heed and be responsible on the security of their personal computers and not being accessed by unauthorized users. Prevent from using public shared computers to carry out bank transactions, installing up-to-date anti-virus software and firewall and keeping pins and passwords information in safe place will also reduce the risk of data being exposed to hackers and theft. There is also news on hackers who successfully hacked into military system.
Cyber-shopping has also become increasingly popular in the local market. Although surfing Web and making for bargain in the comfort of your own home seem perfect, but one have to be cautious not to be exposed to threats to data and personal information theft.
This is especially the matter so when it comes to credit card payment for products offered for sale via the website. Although making credit card payments are no different from ordering on the phone, one still have to take safety measure to avoid identity theft and credit card fraud. Hence, online shoppers are advised to use a secure Web browser that encrypts confidential information. Moreover, one have to be conscious not to provide personal checking or savings account information to any online stores and avoid so-called “direct-withdrawals” from your accounts.
In contrast, online shoppers can be rest-assured to some extent on the issue of making credit card payments. For the reason being research has proved that online credit card transactions are as safe as face-to-face transactions. It is proven difficult to detect the exact number of sales and estimate credit card numbers because of its length. Credit card purchases are also well protected by special federal laws then merchandising with cash or check. Although cyber-shopping sounds scary but it actually gives the shopper a benefit which is the ability to check their account information from the comfort of one’s own home and identifying possibly fraudulent activities at anytime.
Though using online services seems exposing us to vulnerable threats to the security of our data, there are still enough sophisticated software and safety measures that can be taken by online users to prevent data loss.
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