With the rise of digital payments transforming how Malaysians manage their money, a growing threat looms—financial scams are becoming more sophisticated and harder to spot. Protecting your money requires vigilance, awareness, and knowing what steps to take when things go wrong. 

Key findings from the 2024 RinggitPlus Malaysian Financial Literacy Survey (RMFLS) reveal a significant gap in scam awareness, with up to 32% of Malaysians either unsure or do not know how to respond to common financial fraud tactics. By understanding the threats and knowing how to act, we can safeguard our financial security.

Common Financial Scams In Malaysia 

Preventing financial fraud is a joint responsibility between the financial institutions and more importantly, ourselves. Awareness is the first line of defence. Malaysians encounter a variety of scams that exploit trust, fear, or curiosity. Here are some of the most prevalent schemes: 

Part-Time Job Offers Via Messaging Apps 

Scammers often use platforms like WhatsApp or Telegram to offer seemingly lucrative part-time jobs. These typically involve requests for upfront payments after gaining your trust, only for the “payout” to vanish without a trace. The scams might also ask for payment to secure a job or training materials, but once the money is sent, the job offer disappears.

Impersonation Calls From Authorities Or Financial Institutions 

Calls claiming to be from authorities like LHDN, banks, or the police are designed to instil panic, coercing victims into revealing sensitive information like TAC codes, OTPs, or bank account details. Scammers may fabricate urgent situations, such as outstanding tax payments or law enforcement investigations, to make the victim act hastily.

Phishing Emails 

Phishing covers a variety of formats, but one of the most popular ones involves fraudulent emails that mimic official communications from trusted sources, such as banks or financial institutions. These emails often include links, urging you to reset passwords or verify account details. Clicking on these links leads to fake websites where your login information is harvested. Always check the email sender’s address, look for signs of grammatical errors, and avoid clicking on suspicious links.

Investment Or Cryptocurrency Scams 

Promises of high returns with little risk are often associated with investment schemes that can lead to financial losses. You’ll encounter them in various ways, from online advertisements, chat messages, and other digital avenues, presenting lucrative opportunities in cryptocurrencies, trading, or other investments that are too good to be true. They are sometimes accompanied by fake testimonials or official-looking documentation. To verify the legitimacy of an individual or entity, you can use the Securities Commission’s (SC) Investment Checker, which maintains a list of entities and individuals authorised to offer, promote, or sell any capital market products and services in Malaysia.

Redirects To Suspicious Websites During Online Transactions 

When making online purchases, malicious redirects to fraudulent websites may happen – especially if the website is not securely set up. You may end up being redirected to an online banking website that looks nearly identical to the real one, but their sole purpose is to collect your personal and payment information. Always double-check the URL, ensure it starts with https://, and avoid entering sensitive information if something feels off.

What To Do If You’ve Been Scammed

If you suspect you’ve fallen victim to a scam, staying calm and acting quickly is essential. Start by assessing the situation: how much has been stolen, which account was compromised are two of the most important pieces of information needed to report the incident. 

Next, report the incident immediately. If it involves unauthorised transactions, activate the “Kill Switch” on your online banking app and call the National Scam Response Centre (NSRC) by dialling 997 to file a report – the faster you report the incident, the higher the likelihood of recovery of funds. Be sure to file a police report as soon as possible after reporting the incident to your bank or the NSRC. Share a copy of the police report with your bank to ensure that any funds intercepted by the NSRC can be secured until the appropriate legal process for their return is completed.

For phishing emails or suspicious links, report them to CyberSecurity Malaysia via the Cyber999 Cyber Incident Response Centre. Cyber999 is a service provided for Internet users to report or escalate computer security incidents. 

Once the scam is reported, you should then focus on securing or regaining control of your financial accounts. Change the passwords of any account that you believe may have been compromised – this may even include email and social media accounts depending on the scam and whether you use the same password for multiple accounts (which you really, really shouldn’t do).

If you haven’t done so already, enable two-factor authentication (2FA) wherever possible. Additionally, monitor your credit report for any unauthorised loans or applications under your name – this is especially if sensitive information such as IC numbers are also compromised. 

You can help the authorities by sharing any information that may have led to you being scammed. Phone numbers, websites, even Facebook profiles can be helpful in tracking down the culprits. 

Finally, take proactive steps to prevent future scams. Regularly review account activities for unusual activity, keep your devices secure with updated antivirus software, and avoid sharing sensitive information online or over the phone without verification. 

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In conclusion, staying informed and vigilant is your best defence against the growing threat of financial scams. By understanding the common tactics used by scammers and knowing the steps to take should you fall victim, Malaysians can confidently navigate the digital payments landscape while safeguarding their finances. 

At the forefront of this effort, PayNet remains committed to enhancing consumer protection through initiatives such as the National Scam Response Centre (997 hotline) and the National Fraud Portal, designed to simplify scam reporting and accelerate fund recovery. 

Stay alert, stay informed, and protect your hard-earned money. Together, we can outsmart the scammers.

Learn more about scam prevention on #JanganKenaScam’s website here.  

• TAGS:
• Financial Scams
• PayNet