Online scams are so common nowadays due to the increasing reliance on technology and the ease of access to the internet. With the growth of e-commerce and digital banking, more people are conducting financial transactions online, making them vulnerable to online scams.
Furthermore, scammers can easily create fake websites or social media profiles, making it easier to deceive individuals into trusting them. In addition, the anonymity of the internet makes it difficult to track and prosecute scammers, making it a low-risk and high-reward activity for them.
Malay Mail reports that the Ministry of Communications and Digital (KKD) has expressed its commitment to collaborating with Bank Negara Malaysia (BNM) to combat financial fraud in the digital landscape.
The two entities have discussed the economic outlook of the country in the digital sector, and their cooperation will continue towards a safer online environment.
Earlier reports have indicated that BNM has expressed its intention to maintain its collaboration with the Royal Malaysian Police (PDRM), the Malaysian Communications and Multimedia Commission (MCMC), and the financial industry to coordinate their efforts in preventing financial fraud. This partnership aims to improve public awareness of the latest fraud tactics and enhance their ability to combat fraudulent activities in the financial sector.
In addition, KKD is also discussing the issue of online scams with the Association of Islamic Banking and Financial Institutions Malaysia (AIBIM) to raise awareness about the latest fraud tactics, as it is a top priority for the ministry.
The most commonly reported online scams include non-existent loans, love scams, Macau scams, and e-commerce fraud.
