Internet banking is still new in Malaysia.

Internet banking is still new in Malaysia.

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 today.

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 were 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 specific 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 devices 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