Security Issues in Banking & Financial Sector

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Shailesh Maheshwari


Internet banking services have been operational in Malaysia since 2001. Presently, only banking institutions licensed under the
Banking and Financial Institution Act 1989 (BAFIA) and Islamic Banking Act 1983 are allowed to offer Internet Banking services here. There
are 12 commercial banks (inclusive of Islamic banks) out of a total of 25 in Malaysia currently offering Internet Banking services. According to
the 11 Malaysia Internet Survey conducted by AC Nielson, Internet Banking is the one of the most popular services utilized by Malaysian
surfers. The survey found out that 51 percent out of the total respondent base of 8000 used the Internet for online banking once a month.



Keywords: Banking and Financial Institution Act 1989(BAFIA), Malaysian Computer Emergency Response Team (MyCERT), Association of
Banks Malaysia (ABM), Anti Phishing Working Group (APWG), National Computer Network Emergency Response Technical Team /
Coordination Centre of China (CNCERT/CC), Multipurpose Smart Card (MyKAD).


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