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Internet Banking Fraud in Malaysia also remains at negligible level. In year 2008, only 0.0002% of total value transacted via the Internet Banking channel lost due to Internet Banking Fraud.

Phising is the major thread to the Internet Banking industry in the country, accounting for 94% of Internet Banking fraud cases reported. Phishing involves the sending of fake e-mail or text messages to lure recipients into divulging login credentials such as personal identification numbers (PINs), passwords, and second authentication factors such as token-generated-PINs or transaction authorisation codes (TAC).

<source: Bank Negara Malaysia>