If you’ve experienced Xero or QuickBooks, you’d probably know by now that there is an option to link up your Bank Account and automatically retrieve your bank statement. That sounds great but have you ever think about how it works ?
If you’ve already done that, the first thing you must do now is STOP! Login to your account and remove the connection immediately!
Now, lets go through the why…
Bank Negara Malaysia has regulations that prevent Malaysian banks from allowing any sort of connections to the bank for security reasons (except CIMB). These third party service provider uses a bot that saves your username and password on their servers, then login to your bank account and pretend to be you in order to copy the information out.
You may begin to get a little bit of a picture why doing so is dangerous. You are practically giving out your Bank’s username and password to someone else out of Malaysia.
“They can’t steal my cash, a TAC code is needed to perform transactions.” you may think…
There are many forms of hacking and critical information like username/password is one of the best thing hackers love. You’d be surprise at what wonders they can do with just that info. If you’ve chose to divulge your bank login details to someone else, it is your risk to take if anything were to happen to your bank account.