Just last week, we have reported almost RM3 billion was lost to online scams. Scams are getting more prevalent nowadays with everyone being online almost 24/7.
According to a report by The Star, the Ministry of Finance (MoF) said that 31,169 incidences of online crime were reported from 2021 to 30 June of this year, according to data from the Royal Malaysian Police (PDRM).
The crimes committed online include online purchase scams, Business Email Compromises, SMS scams, African/love scams, loans scam, Macau scams, and investment.
According to MoF, Bank Negara Malaysia (BNM) is collaborating with the Malaysian Communications and Multimedia Commission and telecommunication companies to strengthen the security of communication and multimedia channels in order to stop financial fraud syndicates from distributing false messages and spreading malware.
BNM and financial institutions have collaborated with various enforcement agencies such as the PDRM, Malaysian Anti-Corruption Commission, Ministry of Domestic Trade and Consumer Affairs, Companies Commission of Malaysia as well as Securities Commission, including in monitoring, investigation and prosecution in court.
Furthermore, efforts to increase public awareness about financial fraud have also been multiplied through a series of online awareness talks, using media channels and also social media sites.Ministry of Finance
The MoF said that banking institutions are implementing high-security system requirements to safeguard their clients’ funds and that phone numbers and mobile devices linked to financial fraud cases would be banned.
The ministry also added, that the government, through BNM, is also constantly enhancing the standards for banking security that financial institutions must follow.
As always, be careful of what you share and do online.