Monday, May 30, 2011

Online banking fraud cases increasing

I am an online banking user for many years and I do appreciate the technology. It helps to save time and effort in personal finance and banking.

However, latest news reveals that the online banking fraud cases is in the increasing trend, sad but true.

I also notice banks are applying more security measure to counter the trend but I believe the education for the users is equally important because 99.x% of the fraud case involve phishing.... (sound like "fishing") e.g. probing for information via a fake website etc through scam emails.

Ok! So is it a big deal? Yes, because as per the FAQ... BNM says....

Q: Are these kinds of cases covered by insurance?  
BNM: Insurance does not cover scams or fraudulent events.