Protect Yourself From Financial Data Threats

The advancement of global informational facilitates the travel of people, goods and money within a shorter period of time. Today, financial transactions are conducted online with just a click at the end of our fingers. Flight or bus tickets can be booked on websites, clothes are ordered with online forms and payments can be made in an instant.

Spending at eateries, department stores or boutiques could be supplemented with the pre-value-laden debit card. With this type of financial facility, it saves one from worries of walking around with wads of cash in his wallet or even being burdened to pay back debts to the bank like those days when credit cards used to rule.

This spending method is convenience at its best yet it is not formidably worry-free. In fact,  the magic of codes and microchips does have its flaws. Professional thieves are experts in stealing and misusing electronic data. According to the recent DAVOS Risk Report, online data and information security is one of the likeliest technological threats that we might face within the next 10 years. In fact, in our local case, maybank2u users are inundated with emails and SMSs that attempt to phish users to reveal their private data and keywords.

The online and mobile banking are still new to the Malaysian community. It is a service where more people are making use of it but are lack of information of the possible harm and threats that await them IF they are not cautious. Not everyone is well-versed with the technology of data where privacy is at stake.


This afternoon I was advised by a car sales officer on the threats of data privacy. Being experienced in handling the financial arrangements for numerous customers, he had shared a few tips that we should practice as precautionary measures.

Firstly, he reminded that whenever we pass a copy of our identity card for any required organization, we MUST make a mark across ID copy by writing the name of the organization at the center of the copy. However, the writings of the mark should not blur out the important information on the copy of the ID. This marking would signify that the copy of the ID is only meant for the use of a particular procedure that involves the organization. This would avoid from anyone reusing the same copy of ID for other purposes.

Some people would take the copy for registering mobile phone numbers or even as guarantors for loans by those unknown to the victim. There has been many cases where victims only discover that their ID has been misused when there are big amounts of debts are attached to their names in banking or billing records. So, always remember to make slashes with the name of the organization involved when giving out copies of your ID to them.

Secondly, never leave your credit or debit card receipts all over the place. Make sure you keep them with you in a safe place not privy to others’ eyes and also for your own future reference of transactions. If you must, dispose them without a trace. Believe me, those numbers on the receipts can do wonders for a professional IT thief and fraudster.

Thirdly, never ever click links that leads to your bank website through emails. Your bank would never email you to ask you to reveal your personal data. If they do, make sure you call or email them beforehand through the customer’s service email address given on their website to verify it. Once you log in through the link that the fraud email has provided, your data may have probably been compromised. There have even been critical cases where customers had to shutdown their accounts because of this method. To be safe, type in the web address each time you wish to make a transaction. Also, it is much safer if transactions are not made at public places where the computers and wifi access are shared publicly.

I hope these tips would make every one of us to be more aware in making financial transactions in our daily lives. Small habits would save your data, your money and most of all, your life. Hence, keep your eyes open!


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