Many people do not know the difference between what is big and what is small, what is important and what is not important.
They apply the same approach to all these issues. Someone said that the approach should not be "one size fit all".
They apply the same approach to all these issues. Someone said that the approach should not be "one size fit all".
Many people do not know the difference between what is big and what is small, what is important and what is not important.
They apply the same approach to all these issues. Someone said that the approach should not be "one size fit all".
When it comes to internet banking transfers, there is an excessive fear of hackers coming into our bank account. Banks introduced excessive layers of security to counter the risk of hacking.
It is serious, but not so serious, if a hacker is able to access my account and see the balance. Many employees of the bank have access to my balance anyway, as they need this access to provide customer service.
When the bank sends the monthly bank statement to me, the post man can also take away my statement and view it. We face this risk all the time, but accept it as it cannot be eradicated.
The real risk is when the hacker makes a fraudulent transfer from my account. This is where a higher layer of verification is required.
This is not the only risk faced by the customer. A bigger risk is in making a mistake by entering the wrong account code or amount, which s much higher than a hacker making a fraudulent transfer.
If a mistake or fraudulent transfer is made for a small amount, it is not that serious. We stand the risk of cash being taken from our wallet by a thief or pickpocket or losing the notes carelessly anyway.
They apply the same approach to all these issues. Someone said that the approach should not be "one size fit all".
When it comes to internet banking transfers, there is an excessive fear of hackers coming into our bank account. Banks introduced excessive layers of security to counter the risk of hacking.
It is serious, but not so serious, if a hacker is able to access my account and see the balance. Many employees of the bank have access to my balance anyway, as they need this access to provide customer service.
When the bank sends the monthly bank statement to me, the post man can also take away my statement and view it. We face this risk all the time, but accept it as it cannot be eradicated.
The real risk is when the hacker makes a fraudulent transfer from my account. This is where a higher layer of verification is required.
This is not the only risk faced by the customer. A bigger risk is in making a mistake by entering the wrong account code or amount, which s much higher than a hacker making a fraudulent transfer.
If a mistake or fraudulent transfer is made for a small amount, it is not that serious. We stand the risk of cash being taken from our wallet by a thief or pickpocket or losing the notes carelessly anyway.
There is no need for a bank to make internet banking transfer so cumbersome, especially for small amounts. The practical approach is to allow the customer to set a tolerance limit and requires a higher level of security for transfers beyond that limit.
There is the risk that the data could be changed by the hacker who taps into the connection between the customer and the bank. Who would want to spend so much time and transfer to commit a crime for a small amount? The risk of being caught is higher for a cyber thief than for a real thief anyway.
If the amount is large, the bank can send the transfer for re-confirmation by the payer who can do it with a 2FA token. This should be more than adequate. It is possible to imagine how a hacker or criminal would circumvent it, but who would want to spend so much time to spend so much time to hack into one account for a small amount of transfer?
Tan Kin Lian
If the amount is large, the bank can send the transfer for re-confirmation by the payer who can do it with a 2FA token. This should be more than adequate. It is possible to imagine how a hacker or criminal would circumvent it, but who would want to spend so much time to spend so much time to hack into one account for a small amount of transfer?
Tan Kin Lian
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