Cyber Crime

There is a syndicate believed to have siphoned funds from the Bank. The modus operandi is believed to perform phishing of information whenever the customer logs on to internet. The syndicate will upload a software at an Internet banking kiosk that records the information relating to user names and passwords.

The syndicate will later retrieve the information by downloading it at the USB drive. Armed with the information, the syndicate will then report the loss of the SIM card at the Telecommunication companies. Once the SIM card is replaced, then the Transaction Authorisation Code (TAC) will be sent to the replaced SIM card. The TAC will enable the syndicate to transfer funds into their own accounts.

Is banking so vulnerable to attack of this nature? More security should be imposed both at the Banking and Telecommunication sectors to curb crime of this nature. Both sectors should make it more difficult for syndicate to capitalize on the weaknesses.

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Managing credit card usage

Banks in Malaysia have been aggressively promoting their credit cards by giving free gifts to successful applicants and offering waivers on annual fees. A catchy slogan like `Free for Life' is attractive to consumers. A credit card is a payment instrument that enables you to make purchase of goods at merchant outlets without taking cash.

Credit card is like the best invention in the world. It can become costly if not used wisely. If cardholder is in some kind of credit card debt, the best advice is to negotiate with the credit collection officer at the Financial Institution on an agreed repayment plan.

Credit cards are like double-edged swords. If one does not exercise discipline or prudence when using credit card, it can become a burden. Use it wisely and it is a useful mechanism for planned spending and investment.

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