Malaysia’s Banking Industry Saves Customers RM351 Million from Fraudsters
Robust Fraud Prevention Measures Pay Off
Malaysia’s banking industry has once again demonstrated its commitment to robust fraud prevention measures by detecting and preventing fraudulent transactions worth a staggering RM351 million from January to October last year. This achievement highlights the industry’s unwavering dedication to creating a secure environment where customers can trust their financial transactions.
Types of Scams Prevented
The detection and prevention actions by member banks saved customers from being defrauded through various schemes, including:
- E-commerce scams
- Job application scams
- Investment scams
- Impersonation scams
- Phishing scams
Awareness Campaign Pays Off
The launch of the banking industry’s #JanganKenaScam awareness campaign has also played a significant role in educating customers on various types of scam and corresponding mitigation actions. The campaign has helped to create an environment that is more alert to and able to avoid scams.
Customer Education Key
ABM Chairman Dato’ Khairussaleh Ramli emphasized the importance of customer education, saying: “The united efforts to create an environment that is more alert to and able to avoid scams reflect the associations’ and member banks’ collective dedication to creating a secure banking environment where customers can have trust in the safety of their financial transactions.”
Real-Life Experience
Ms. E, a 45-year-old accountant, shared her harrowing experience of how her bank saved her RM47,000 from being scammed after she was targeted by a bogus caller claiming to be a bank officer. She urged customers to remain cautious and report any suspicious activities promptly to their respective banks.
Public Perceptions on Scams
A survey conducted by Rakuten Insights provided interesting insights into public perceptions on scams:
- 63% of Malaysians have links to a scam either directly or indirectly
- Most respondents feel prepared to handle financial scams, while those who always read and understand bank alerts are more prepared to manage scams compared to others
Industry’s Commitment to Safety
ABM, AIBIM, and their member banks will continue to work closely with law enforcement agencies and financial regulators to spread the message that customers should remain vigilant and exercise caution while conducting financial transactions. The industry urges individuals to report any suspicious activities promptly to their respective banks or alert the National Scam Response Centre (NSRC) at 997 if they become a victim of financial scam.
Conclusion
Malaysia’s banking industry has once again demonstrated its commitment to robust fraud prevention measures, saving customers RM351 million from being defrauded. The industry’s awareness campaign and customer education initiatives have played a significant role in educating customers on various types of scams and corresponding mitigation actions. By remaining vigilant and exercising caution, individuals can protect themselves from financial scams.