Reported in The Edge Malaysia (13/10/06),  Association of Banks In Malaysia (ABM) announced that out of a total of 159 online banking fraud cases in the first nine months of this year they were  mainly caused via PHISHING.

Phishing is the act of sending an email to a user falsely claiming to be an established legitimate enterprise in an attempt to scam the user into surrendering private information that will be used for identity theft.

The e-mail directs the user to visit a website where they are asked to update personal information, such as passwords and bank account numbers. The website, however, is bogus and set up only to steal the user’s information.

Seems that according to bank experts that the the problem is ignorance and lack of education whereby people are fooled to give away their keys. Hence, banks are now doing a lot on education network to resolve this type of fraud.