The application of the digital signature law in securing internet banking: Some preliminary evidence from Malaysia

Abstract

Malaysia is one of the first countries in the world to blaze the trail for having a prescriptive legislation of governing the digital signature technology. Whilst the Digital Signature Act 1997 has always been acknowledged as one of the pioneers of a technology-specific legislative approach, the Act nevertheless, has been greatly exposed to numerous critiques, suggesting its inability to secure online transactions, including Internet banking. Moreover, the lack of any of its provisions being tested in the Malaysian courts has in turn, suggested that the law has an inconsequential application in securing Internet banking transactions. Drawn from an ongoing doctoral research, this paper will highlight a methodological process and a preliminary finding of eight multiple-case studies amongst banks offering Internet banking services in Malaysia. The research, at the onset revealed that in ‘the real life situation’, the digital signature technology is hardly being adopted in securing Internet banking transactions, which has consequently shaped the extent of the application of the digital signature law in Malaysia.

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