Financial Crime World

Combating Financial Scams: PayNet’s Efforts

PayNet has been actively working towards creating a safe ecosystem for the Malaysian community by combating financial scams. Here are some key points about their efforts:

Education and Awareness

  • Reaching Out to Students: PayNet engages with students and educators through workshops, seminars, and awareness sessions to provide practical knowledge on digital payments, security practices, and financial literacy.
  • Practical Advice for Consumers: Ken offers tips to protect oneself from scams, including:
    • Being skeptical of unknown communications
    • Protecting personal data
    • Securing devices
    • Reviewing account statements regularly

Robust Data Protection Measures

  • Adaptive Security Controls: PayNet employs adaptive security controls that evolve to match emerging threats, ensuring effective defences against new attack vectors.
  • Secure Services: Its services, such as DuitNow and FPX, incorporate security measures to safeguard consumers and businesses against financial crime.

Collaboration with Stakeholders

  • Participation in National Scam Response Centre (NSRC): PayNet participates in the NSRC, a joint effort between various organizations to combat online financial scams. The NSRC serves as a centralised hub for incident reporting and rapid response.
  • Collaboration Results: The NSRC’s collaboration with PayNet and other stakeholders has yielded noticeable results, including improved case initiation and fraud funds interception.

Importance of Data Sharing

  • Sharing Information Across Ecosystem Verticals: Ken emphasizes the importance of sharing information across ecosystem verticals to tackle fraud syndicates effectively.

Commitment to Safety

  • Providing a Safe Ecosystem: PayNet is committed to providing a safe ecosystem for the Malaysian community, with a goal of eventually eradicating scams and fraud.
  • Data-Driven Strategies: Their efforts focus on education, robust security measures, collaboration, and data-driven strategies to combat financial scams and protect consumers in Malaysia.