Online banking and related transactions need more security awareness

Online banking and related transactions need more security awareness

Last year I wrote about two challenges of using ATM machines and some online transfers as banks don’t send out statement of bank accounts now.

Now I want alert others how to make payments for online services and products.  We are still very fresh in a banking environment as we enter a new era of cashless society with fiat currencies and soon with crypto currencies when the world comes to accept it as the only medium of transactions with the little known blockchain apps. I will come to blockchain later.

As we proceed to cashless society, we have to know of the massive benefits of not using paper currencies especially with the explosive tourism business.  Currencies exchangers may soon be redundant because online transactions using smart phones in most areas are relatively simple by a few clicks and QR Codes.  All these can a new scenario for many. Meanwhile we must also come to grip with Artificial Intelligence (AI) and that applications that cannot be avoided. 

So I come to the very important issues of security of using online banking and those payment transactions using ATM or debit cards as a very fast payment transactions online using online personal computers (PC).  I think the speed of online banking or transactions can be expedited by blockchain without going through several parties concerned. Even with blockchain apps, the sender and receiver only deal with blockchain in any cryptocurrency transaction. .Blockchain  is a worthwhile investment now.

I think many do their online payments using credit cards and the setback can be the repeated monthly payments for hosting of websites can be charged to the same credit cards without referring to the card holders.  Such transactions can be disputed but some credit card companies can reverse such payments on complaints.

I have the recent ‘nightmarish’ experience of using ATM cards to make some small payments online with my smartphone and personal computer both online.

The caller from the company would request details of the ATM cards including the three digits socalled identity security numbers at the back of the cards to allow transactions to be carried out.

Then the caller would give instructions on the smartphone live with me on the PC online to assist the completion of the transactions unlike just providing the credit card details for the company to complete the transactions without PC online.

But it was new to me that the caller would ask me to log on the PC to software known as AnyDesk and then on my bank account once open online related to the ATM or debit card would be visible to the caller online.  Would the caller see my username ID and password I would not know?  Are these two items visible or blocked to the caller for security?

What shocked me was when the two bank accounts online banking was open on the same page, the caller could simple move the fund in one account to the other account on the same page. I would not how to stop that.  I also would not know if such transaction could transfer money out without the usual process of filling the instant transfer forms online. Even I myself need to complete the instant transfer form online to be verified by token (transaction instrument) and PAC numbers normally obtained in personal smartphone. It was ‘lucky’ both the saving and current accounts have little funds on the same page.

After this unusual experience in ignorance and for the first time, I went to the local banks and told  them and the response as usual “is safe with the password not disclosed”.  In this matter, I am not sure if Anydesk is in operation. I hope Bank Negara would advise how to stop such unauthorised online transactions of just simply moving from one account to another account on the same page in online banking for better consumer security and protection. Also can the caller come back to gain access to the bank accounts later with the data already obtained or he could keep the page open? For safety sake, I changed the password concerned.

I did not incur any losses but sharing this case can improve our online banking now already a daily must. 

I would hope that we can set up online banking clubs to update ourselves in the face of new technologies and softwares developed daily as AI is fairly advanced now.

Joshua Y C Kong   17/04/2019

A great confession by "cash is king"

A great confession by “cash is king”

Former prime minister Najib Abdul Razak has suggested that if he were truly a thief, he would have touched the RM174 billion cash reserves in Petronas. In dismissing his critics, Najib said Petronas' cash reserves were needed by the company to ensure its survival by investing in future projects. 

What a great confession indeed by a person known as “cash is king”?

After having written an article on Petronas since 1976 and calling for a Royal Commission of Inquiry, that confession alerted me to go back to the Petronas accounts to check the item cash and cash equivalent in the published annual reports.

Surprisingly, only annual reports of the period of Najib in power were available in the public relations section of the official website of Petronas.  That is 2008 to 2017.

This is what I found with 2012 year as restated and nothing was re-stated in other years.

Year of AR	RM in billion	RM in billion	2012
	Current year	Previous year
2017	65.564	68.426
2016	121.492	120.731
2015	120.731	116.826
2014	55.443	46.874
2013	117.118	108.474	108.474 (re-stated)
2012	107.735	125.358	107.735
2011	106.556	103.837
2010	56.677	45.597
2009	45.597	45.479
2008	80.444	67.203

There are so many (too big) discrepancies as presented and does not need any good accountant to note them as in previous year’s figure for comparison.  Just for illustrations say in 2008 (general election year) the balance was RM80.444 billion and then in Annual Report 2009, the 2008’s figure was RM45.479b and why such huge downward discrepancy?  Again in 2013, the figure was RM117.118b and then in Annual Report 2014, the 2013’s figure was RM46.874b and why such huge downward discrepancy when 2013 was General Elections year? Again in 2014 the figure was RM55.443b and in Annual Report 2015, 2014’s figure was RM116.826b and why such huge upward discrepancy? Again in Annual Report 2017, the 2016’s figure RM68.426b but it was RM121.492b in the Annual Report 2016 and why such huge downward discrepancy?  Huge upward discrepancy also noted for 2010 (RM56.677b and RM103.837b 2011 in comparative column)

There was nothing near the RM174b according to Najib. Can we draw the conclusion that something is definitely missing? Who could have caused such huge losses in cash as indicated by the unexplained discrepancies over the 9 years periods although Petronas had operated over 40 years making such audited accounts useless and meaningless bordering in fraudulent practice.

Based on my more than 30 Police Reports and two on Petronas and the performance of past Prime Ministers the “cash cow” had been under the control of Prime Ministers and so accountability is very much questioned.

Indeed there are lots more questions and answers needed for the past 4 decades of roller coaster performance of Petronas.

So I would once again call for a must Royal Commission of Inquiry on Petronas on the agenda as laid out in my earlier article.              Joshua Y C Kong  7/4/2019 jknow823@gmail.com