KUALA LUMPUR – The public has been advised to remain vigilant against ever-evolving online banking scam tactics, while authorities do their best to prevent such crimes from taking place.
Communications and Digital Minister Fahmi Fadzil said that while financial institutions have ceased using SMS one-time passwords (OTPs) and introduced a ‘kill switch’ for potential victims to instantly freeze their accounts, users must remain alert to ploys peddled by scammers.
“Steps implemented by banks have helped to reduce incidents of online banking scams, (but) scammers are always coming up with different strategies. It’s like you close one door, and they open another.
“Their (scammer’s) strategies are constantly evolving, so in general, users have to protect their personal data (by) being on alert when interacting with anyone online,” Fahmi said during a press conference after his visit to the Axiata Cyber Fusion Centre, here today.
He added that the ministry is hoping to “register and regulate” certain social media platforms which have been frequently used by scammers, such as Telegram and Facebook, to facilitate quicker cooperation with authorities attempting to circumvent scam attempts.
On recent statistics from the Commercial Crime Investigation Department, which showed that more than 50% of financial cases recorded annually feature online fraud, the minister said the root causes of such cases involve a modus operandi regarding data linkage.
Fahmi referred to previous reports on how telco service providers had assisted in blocking almost two billion suspicious calls and 581 million suspicious SMSs from reaching local consumers, while telecommunication companies were directed to block any URL link in SMSs.
“But, this is not enough. It’s not only about the means of communication, but how (scammers) use the data and information that they have to take advantage of you (consumers) psychologically, whether (to make) you let go of small information or money.
“Oftentimes, it’s behavioural. We can try to block a lot of means, but online fraud is still prevalent. It’s one of the ways Malaysians are losing lots of money.
“It’s something we have to come to grips with. We’re aiming to inculcate and increase literacy and awareness (on digital scams)… when people call you or talk to you on social media, (ask yourself if that person) is really who they claim to be.” – September 26, 2023