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Essential Banking Services and Security Measures in Malaysia

This guide covers the fundamental banking services available in Malaysia, including savings and current accounts, internet banking, and ATM usage. It emphasizes the importance of keeping personal information, such as account numbers and PINs, confidential. The Malaysia Deposit Insurance Corporation (PIDM) safeguards depositors against loss, while the Financial Mediation Bureau (FMB) assists in resolving disputes with financial service providers. We also discuss Islamic banking principles that promote ethical financial practices. Key security measures for internet banking are highlighted for user safety.

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Essential Banking Services and Security Measures in Malaysia

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  1. SAVING & CURRENT ACCOUNT • * BASIC BANKING SERVICES • Over the counter • ATM • Deposits Machines • Interbank Giro • Internet Banking • Things to remember!!! • Keep your account numb and PINs confidential; • Keep your account statements, passbook & ATM card in a safe & secure place ; • Destroy or shred cancelled cheques

  2. MALAYSIA DEPOSIT INSURANCE CORPORATION (PIDM) • Protect depositors against loss of deposits • Automatic Protection • Protects deposits in FIs regulated by BNM • FINANCIAL MEDIATION BUREAU (FMB) • Independent Body to settle disputes, complaints or claims between you and your financial service providers. • Matters that will not be considered by FMB • Pricing • Product policies and services • Credit decision • Cases over 6 years • Cases under litigation

  3. ISLAMIC BANKING • Follow Shariah Principles; • Prohibits riba (interest), usury (trading in • financial risk) and haram (unlawful business • ventures); • Follow Islamic concepts like profit sharing • (mudharabah), safekeeping (wadiah), joint • ventures (musharakah), cost plus (murabahah) • and Leasing (ijarah). • Islamic Banking is for all regardless of religious beliefs

  4. BANKING INTERNET • Secure banking • Keep print out of transactions • Keep Login ID confidential • Change password regularly • Do not store Login ID and password in PC • Make sure login at correct website • Do not leave computer unattended • Have anti virus protection • Always log out after each session • Don’t open other web browser while banking online

  5. Questions For Chapter 3 7

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