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Finding Security Inside the World of e-Ang Pows

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Old 20-02-2019, 06:04 PM   #1
ITGang
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Join Date: Nov 2018
Posts: 34
Exclamation Finding Security Inside the World of e-Ang Pows

Globally there is a growing movement towards becoming cashless societies.

Since 2016, Malaysian banks have offered their users with free e-Ang Pow services. The process is simple. Customers just need to transfer the e-Ang Pow from the bank app to the recipients using their valid mobile number or email address. Some financial institutions even allow sending of the e-Ang Pows through a verified Facebook account. Online transfers can conveniently be done to any other bank accounts with the correct details and One-Time Password (OTP) are keyed in.

While these cashless technology offer numerous benefits, Kaspersky Lab suggests proceeding with utmost caution.

One fundamental aspect of becoming a cashless society via digitalization is the increased adoption of online and mobile channels that have been boons for perpetrators of fraud, specifically cyberfraud. According to Forrester, there has been a 62% increase in payment fraud since Oct 2015. Global payments are expected to exceed $2.3 trillion by 2019, and each year, with non-cash payments accounting for an increasing share of this massive market.

Cashless transactions are growing by 10% , and are likely to represent over one million transactions every minute by 2020.

The increase is mainly driven by accelerated growth in developing markets such as Malaysia, primarily driven by digitization and alternative channels. Malaysia aims to be a cashless society by 2050 according to the National Transformational 2050 plan . However, based on trends and adoption rates, the nation could be a fully cashless society much earlier with the mushrooming of digital payment or e-payment platforms.

“Currently there are 34 licensed e-money issuers in Malaysia , and the number is undoubtedly at an uphill climb. Our own data at Kaspersky Lab have shown that globally, 35% of users now use their smartphone for online banking and 29% for online payment systems. With the parallel rise of available e-payment services and interested users, we expect more financially-motivated threats against this technology. Newer successful payment types will see more attack attempts as their profitability increases. The more money involved, the more tempting it is for cybercriminals,” warns Yeo Siang Tiong, General Manager at Kaspersky Lab Southeast Asia.

“When it comes to e-Ang Pows, it would be a wise move to stick to tradition, by giving out the physical red packets to the loved ones, keeping the traditional practices alive,” adds Yeo.

Kaspersky Lab has the following simple but effective tips to help Malaysians harness the convenient power of cashless technology while still securing their online money:
• Be sure that your PC and smartphone have the updated OS and solid cybersecurity solution. Kaspersky Lab's updated consumer suite 2019 are packed with features aimed at boosting financial security of devices.
• Verify the site or app that you will be using – check if they are legitimate and with strong encryption.
• Always use a strong and unique password. You can test your password at https://password.kaspersky.com.
• Implement two-factor authentication.
• Download your payment apps from official store.
• Ensure that your guards are up every time you are making online financial transactions.
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