[sgbuffett]

I spend the last hour studying the Malaysia  banking cyber protection documents for online transactions. Below is an extract.

Malaysia Financial institutions customer protection rules forbid SMS as a multifactor authentication.
Inn addition the 13 guidelines on movement of software based digital tokens prevents the type of scams we see in Singapore.

[Migrant]

Would you pick a MYR1 or a S$1 note?

[sgbuffett]

Would you pick a MYR1 or a S$1 note?

Would prefer a bank account that can get zerorised by someone Russia?

[ArielCasper]

Would you pick a MYR1 or a S$1 note?

If it is a good idea, why not copy their ideas?

MYR is weak not because the people are stupid, but because those in power are lousy.

[debono]

Would you pick a MYR1 or a S$1 note?

In Singapore there is no S$1 notes only one-dollar coin.....

[Huliwang]

Would prefer a bank account that can get zerorised by someone Russia?

You want very safe then bank with Hong Leong Finance lah. Down there everything still use manual like 50 years ago banking. No way of cyber scamming.......

[starbugs]

Scammers don't scam Malaysian customers because the latter are already scammed by their govt and Najib. No more money left to scam. 1MDB still has $10b of outstanding debt guaranteed by Msia govt.

[SGSeniorCitizen1952]

The Singapore banks' internet and online banking security, utility and customer support is generally sub-standard.

DBS
-had this stupid widget for their mobile apps that simply will not allow you to get an intelligent answer and was a barrier to talk to a life person. You have to leave a message and they get a customer officer to call you back in 2 or 3 days. Most times they don't call back. Luckily this has been scrapped. I say this to show how sub-standard their IT was.

- their digital token takes up 400MB vs SCB's 181MB vs UOB's 134MB of my phones storage space. It is so slow and unresponsive. I have to make minimum 2 times for verification.

OCBC-  gave up.

UOB- had some unauthorised transactions in my credit card 2 months ago. Reported and no further feedback. The unauthorised charges have not been reversed.

MAS should and must serious step in and audit these banks IT capabilities.

[Niubee]

You want very safe then bank with Hong Leong Finance lah. Down there everything still use manual like 50 years ago banking. No way of cyber scamming.......

I went Maybank. They are old fashion. Many systems are Not linked up

[Huliwang]

I went Maybank. They are old fashion. Many systems are Not linked up

Ya, Maybank also quite old fashion but I think they got ibanking and credit card service. These two holes where thieves can steal from depositors. HLF got nothing, so very air tight from stealing.......

[hansamu]

You want very safe then bank with Hong Leong Finance lah. Down there everything still use manual like 50 years ago banking. No way of cyber scamming.......

Very true.
I ever told the officer in charge that they were 40 years behind time. 

They are still using the signature specimen cards to capture and check for FD deposit accounts. 
Goodness...it is an anachronism now.

[Huliwang]

Very true.
I ever told the officer in charge that they were 40 years behind time. 

They are still using the signature specimen cards to capture and check for FD deposit accounts. 
Goodness...it is an anachronism now.

[Niubee]

Ya, Maybank also quite old fashion but I think they got ibanking and credit card service. These two holes where thieves can steal from depositors. HLF got nothing, so very air tight from stealing.......

I asked the qns for ocbc. Why is new payee so easily added into the account? The issue was money transfer out to new payee ? I would assume so.....

[[[ForeverAlone]]]

EPIC Till now whereas DBS and MAS NO UPDATES on Why DBS system down for two days in fact is 3 days.

[dynamite]

I spend the last hour studying the Malaysia  banking cyber protection documents for online transactions. Below is an extract.

Malaysia Financial institutions customer protection rules forbid SMS as a multifactor authentication.
Inn addition the 13 guidelines on movement of software based digital tokens prevents the type of scams we see in Singapore.

They still want ownself check ownself?

[dynamite]

I asked the qns for ocbc. Why is new payee so easily added into the account? The issue was money transfer out to new payee ? I would assume so.....

Why didn't they go after the payee?

[sgbuffett]

I asked the qns for ocbc. Why is new payee so easily added into the account? The issue was money transfer out to new payee ? I would assume so.....

The Scammer took the customer credentials entered at fake site then move the digital token to his own device.

Once he did that he was able to transfer money easily and add payee easily.

For DBS payee addition needs SMS, and Token.

Hackers now can intercept sms. So you are protected by token. But in this case the scammer transfer the token to his own device. So he basically has full control of the account.

[forum456]

The Scammer took the customer credentials entered at fake site then move the digital token to his own device.

Once he did that he was able to transfer money easily and add payee easily.

For DBS payee addition needs SMS, and Token.

Hackers now can intercept sms. So you are protected by token. But in this case the scammer transfer the token to his own device. So he basically has full control of the account.

No matter how many times that the money is transferred, the electronic trail can be found.

The bank can trace the receiver of the money and report them to the police.

Why OCBC did not trace the money and report them to the police ?

[Niubee]

The Scammer took the customer credentials entered at fake site then move the digital token to his own device.

Once he did that he was able to transfer money easily and add payee easily.

For DBS payee addition needs SMS, and Token.

Hackers now can intercept sms. So you are protected by token. But in this case the scammer transfer the token to his own device. So he basically has full control of the account.

The transfer of token can't be so easy.. and still need authentication. Strange....I see ocbc system as weak.

[Oyk]

If it is a good idea, why not copy their ideas?

MYR is weak not because the people are stupid, but because those in power are lousy.

By extrapolation of your reasoning/logic, those in charge of Singapore, PAP, are "not lousy" but truly competent.

[ArielCasper]

By extrapolation of your reasoning/logic, those in charge of Singapore, PAP, are "not lousy" but truly competent.

Those in charge of Singapore, they are more competent than their Malaysia counterparts, I am sure all of us here agreed. But that doesn't mean the Malaysia counterpart cannot come up with some good ideas which we didn't think of?

This is the kind of elite mentality that the 'lower being' folks cannot come up with good ideas.

As for those in charge of Singapore, even though they more competent than their Malaysia counterparts, but are they worth the money? No..

[Oyk]

Those in charge of Singapore, they are more competent than their Malaysia counterparts, I am sure all of us here agreed. But that doesn't mean the Malaysia counterpart cannot come up with some good ideas which we didn't think of?

This is the kind of elite mentality that the 'lower being' folks cannot come up with good ideas.

As for those in charge of Singapore, even though they more competent than their Malaysia counterparts, but are they worth the money? No..

Are you questioning LTK?

The ministerial and MP salaries were fixed by the Gerard Ee committee, and at that time, LTK did his own calculations and came up with roughly the same figures.....

[debono]

Are you questioning LTK?

The ministerial and MP salaries were fixed by the Gerard Ee committee, and at that time, LTK did his own calculations and came up with roughly the same figures.....

The estimate done by LTK is quite accurate......

[sgbuffett]

Those in charge of Singapore, they are more competent than their Malaysia counterparts, I am sure all of us here agreed. But that doesn't mean the Malaysia counterpart cannot come up with some good ideas which we didn't think of?

This is the kind of elite mentality that the 'lower being' folks cannot come up with good ideas.

As for those in charge of Singapore, even though they more competent than their Malaysia counterparts, but are they worth the money? No..

No one is better than another  at everything.
Singapore govtbis considered far more competent than Malaysian.

That does not mean Singapore govt did everything better

Like what happen to OCBC recently, DBS system going down s chip scandals, Lehman minibonds.

None of these happened in Malaysia.

I remember the Malaysia authorities forbid sale of lehman minibond so Malaysian did not fall prey but thousands of Singaporeans did.

[ArielCasper]

No one is better than another  at everything.
Singapore govtbis considered far more competent than Malaysian.

That does not mean Singapore govt did everything better

Like what happen to OCBC recently, DBS system going down s chip scandals, Lehman minibonds.

None of these happened in Malaysia.

I remember the Malaysia authorities forbid sale of lehman minibond so Malaysian did not fall prey but thousands of Singaporeans did.

But Malaysia have 1MDB..

I am sure KLSE has it own set of monkey business, just that we are not familiar with KLSE (at least not me)..

Do dig out why the Malaysia authorities forbid sale of lehman minibond. Is it because it is not Shariah compliance (I have absolutely no idea)..?

[keys]

Too protected and gullible

That is why

[Scythian]

Bank Negara Malaysia has better IT and Control system 

Malaysians are highly rated in corp  world than Singaporeans

[Scythian]

No one is better than another  at everything.
Singapore govtbis considered far more competent than Malaysian.

That does not mean Singapore govt did everything better

Like what happen to OCBC recently, DBS system going down s chip scandals, Lehman minibonds.

None of these happened in Malaysia.

I remember the Malaysia authorities forbid sale of lehman minibond so Malaysian did not fall prey but thousands of Singaporeans did.

In Lehman bros case, DBS Hongkong paid all investors in full, while DBS Singapore paid nothing.

In 1MDB, 10 Banks in Singapore caught money laundering and some went to jail  whereas none in Malaysia. Singapore MAS stated it was dented..

Why in 2017, Singapore Govt agreed SGX to merge with Bursa Malaysia?
Something isnt right somewhere?

[Notdumb]

Scammers don't scam Malaysian customers because the latter are already scammed by their govt and Najib. No more money left to scam. 1MDB still has $10b of outstanding debt guaranteed by Msia govt.

Scam is more like our CPF ....can see no touch. In Malaysia they still get back the full amount.

Why u so dumbfatk?

[Scythian]

Scam is more like our CPF ....can see no touch. In Malaysia they still get back the full amount.

Why u so dumbfatk?

OMG

CPF management is playing monkey with CPF members