Basic Banking Services

Basic Savings Accounts (BSA) and Basic Current Accounts (BCA) are offered at all banking institutions to Malaysians and permanent residents. These accounts can be opened under individual or joint names. BSA and BCA operate in the same way as the ordinary savings or current accounts except that these accounts enable you to perform only basic transactions and at a minimal cost or free. Similar to a normal current account, you must be 18 years or older and have an introducer in order to open a BCA. You are allowed to open one BSA and one BCA per bank.

As a BSA and BCA holder, you are entitled to perform the following banking services via facilities offered by your banking institution:

*Additional transactions may incur a charge as determined by your banking institution.

** If deposit machine facilities are not available at the branch, deposit transactions can be made at the counter without charge, These transactions will not be counted in determining the total number of OTC services performed. In cases where self-serve deposit facilities are provided and you choose to make a deposit over-the-counter, this transaction will be considered as part of the OTC limit.

PRIVACY OF YOUR PERSONAL

Both banking institutions and you have a
role in ensuring privacy. Protection of your
personal and financial information is an
extremely important matter when banking
via the Internet. The privacy of aconsumer’s
personal information to be an important
element of public trust and confidence in
the banking system.
Responsibilities of banking institutions

• in ensuring privacy

All banking institutions offering Internet
banking services have to adopt responsible
privacy policies and information practices.
For example, banking institutions should
prompt you with a message to inform
you that you will be leaving the banking
institutions’ websites and hence you will
not be protected by the privacy policies and
security measures of the banking
institutions when you hyperlink to third
parties from their websites.

• Your responsibilities in ensuring privacy

You are advised to read the privacy policy
statement of banking institutions, which
are posted at their websites prior to
providing your personal information.
By reviewing this policy, you will know the
type of information banking institutions
collect and maintain about you. Banking
institutions may want to share information
about you with a related entity to market
specific products that may meet your needs
and interests. If you do not want your
banking institution to share your personal
information with others without your
permission, you should request your banking
institution for the “opt out” option.

INTERNET SECURITY THREATS

You are encouraged to continue educating
yourself on emerging Internet frauds from
sources such as the online advisories of your banking institution’s website and from industry groups’
websites dedicated to eliminate online frauds.
You should stay vigilant for new threats, including phishing,
pharming and man-in-the middle attack.
Phishing is the act of sending spoofed e-mail messages falsely
claiming to be from your banking institution to lure you into
divulging personal information such as PIN or password for the
purpose of identity theft. It often contains a link to a website
that contains logos, formatting, graphics and wordings that are
convincing replicas of the banking institution’s original site.

Pharming is the act of exploiting the
vulnerability of the Domain Name
System (DNS) server software that allows
a hacker to acquire the domain name
of banking institution’s original site
and redirect traffic from the banking
institution’s site to a fraudulent site.
Man-in-the-middle attack is an attack in
which fraudsters are able to read, insert
and modify messages between you and
your banking institution without either
party knowing that the link has been
compromised.
You may minimise the risk of being
a victim of these Internet frauds if you
undertake the measures listed in “Actions
You Should Take to Ensure Security”.
You should also be suspicious of any
e-mail with contents or urgent request
for your financial information as phishers
typically include upsetting or exciting
(but false) statements in their e-mails
to get you to react immediately.

BEFORE YOU SIGN UP

Prior to signing up for the service, you are
advised to read and understand the terms
and conditions of the service, which should
provide:

• Information on duties of the banking institution and its customers.

• Information on who will be liable for unauthorised or fraudulent transactions.

• Mode by which you will be notified of changes in terms and conditions.

• Information relating to how to lodge a complaint, and how a complaint is investigated and resolved.

You should also discuss with your
banking institution the risks involved in
using Internet banking services and to
understand fully your rights and
responsibilities.

BANKING SERVICES AVAILABLE ONLINE

With Internet banking facilities, you
will be able to perform a variety of banking
transactions online. Depending on the
banking institution, the main services
offered through Internet banking allows
you to:

• Check your balances and statements.
• Submit applications for new accounts, credit cards or loans.
• Place fixed deposits.
• Transfer funds between accounts(own and third party).
• Pay bills, credit cards, loans and insurance premiums.
• Create, change and cancel standing orders.
• Request for cheque books and statements.
• Check status or stop payment of your cheques.
• Apply for bank drafts and telegraphic transfers.

Some additional services offered include
mobile airtime reload, interest rates
calculator and foreign currency converters.
Please check with your banking institution
for the full list of services offered and the
additional features and channels that are
available.

How To Apply To Become An Internet Banking User?

If you have an account with a banking institution that also offers Internet banking services, you may apply to use its Internet banking facilities by logging on to its website and following the application procedures provided. Information about the banking institution’s security practices can also be found on each banking institution’s respective website.

Remember to also look out for terms and conditions that cover:

Duties of the banking institution and customers Unauthorised or fraudulent transactions Mode by which you will be notified of changes in terms and conditions Information about lodging complaints and how your complaint can be resolved

Is Internet Banking Safe?

Like any other system, Internet banking poses a risk for users when it comes to security. However, any potential risk can be minimised with continuous checks by the banking institutions and even by yourself as a user.

Some safety measures conducted by the banking institutions include: Regular tests of the system to ensure its reliability Provision of internet security arrangements to ensure a secure infrastructure Usage of a number of security technologies such as encryption, firewalls, automatic log-off and monitoring tools Installation of system to detect and disable attacks from hackers Undertake a periodic review every 6 months to assess possible risks and detect possible weakness in the banking institution's risk management system