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Published: Wednesday December 9, 2009 MYT 2:24:00 PM

Updated: Wednesday December 9, 2009 MYT 2:25:34 PM

1,191 Internet banking fraud cases detected


in M'sia Jan-June
KUALA LUMPUR: A total of 1,191 cheating cases involving RM1 million fraudulently transferred via
Internet Banking were detected between January and June, the Dewan Rakyat was told on
Wednesday.

Deputy Minister of Finance Datuk Chor Chee Heung, however, said the cases were still small when
compared to overall Internet Banking transactions done in the same period.

A total of 50.3 million transactions involving RM348.5 billion were conducted in the first six months
but the losses incurred was only around RM1 million, accounting for only a negligible 0.0003 per
cent, he said when replying to Fong Kui Lun (DAP-Bukit Bintang) during question time.

Fong wanted to know the number of Internet Banking fraud cases detected and total losses suffered
by bank account holders.

To ensure safe use of electronic banking, Chor said Bank Negara had issued specifc must-comply
guidelines on security control measures to all financial institutions providing Internet Banking and
Automated Teller Machine services.

The Central Bank had also ordered banks and finance companies to implement the two-factor
authentication for high-risk Internet Banking transactions.

Chor said banks must ensure their infrastructure system was equipped with security control device
to detect and register any dubious banking transactions.

Banks should immediately report to Bank Negara on any form of fraudulent cash withdrawals
besides conducting educational and awareness programmes on electronic banking safety measures
for account holders. - Bernama
Saturday January 3, 2009

Demand for internet banking on the rise


DEPSITE the rising spam and phishing threats in Malaysia, the demand for Internet banking
services is not likely to taper down.

Web-based services have become a value proposition for many businesses, especially the banking
sector and has become added channel to strengthen customer relationship.

Citibank Bhd consumer e-business head Roy Heong believes Internet banking services will become
more sophisticated going forward, as users will be able to perform more transactions online.

“As customers become more Internet savvy, online banking will continue to be a major channel for
their interaction with their banks. We have close to 500,000 registered online users and we continue
to project healthy growth of more than 20% year-on-year,” he says.

Malayan Banking Bhd senior executive vice-president, head of consumer banking, Lim Hong Tat
says the bank is targeting a 50% growth of active users for the financial year ending June 30, 2009.

“The average number of registered users per month is about 90,000, while our active user base
stands at 1.1 million. We currently have more than 33 million transactions a month worth over
RM3.3bil,” he says. Maybank’s Internet banking transaction value for the year ended June 30, 2008
grew by 28% to RM27.3bil over the previous year.

CIMB Bank Bhd head of retail banking Peter England opines that Generation Y customers will
increasingly adopt Internet banking, as they have grown up with information technology.
“We currently have 1.7 million registered users, which is a phenomenal growth compared to 2005,
when we only had 150,000 users. On a monthly basis, we see close to 30,000 new customers
registering and logging on to CIMB Clicks,” he says, adding that the user base is expected to
increase as the bank introduces more innovative new products and services online.