Online transactions have made it easier for consumers to manage daily financial activities such as paying bills, purchasing items, and transferring money—all without being tied to a specific place. They are fast, convenient, and widely accessible, aligning with today’s technological advancements. However, as digital transactions become more prevalent, unauthorised transactions and fraud cases have also risen significantly.
Authorities and agencies such as Bank Negara Malaysia (BNM), the Royal Police of Malaysia (PDRM), and the Malaysian Communications and Multimedia Commission (MCMC) are continuously working to combat fraud and scam cases nationwide. Despite these efforts, consumers must stay vigilant and enhance their financial and digital literacy to safeguard themselves from falling victim to scams.
Tips for secure online transactions
To protect your finances from fraud, follow these essential security measures:
- Always ensure that the website or payment platform you are using is legitimate and authorised. Look for “https” in the URL and a lock icon in the address bar to verify its security. Always double-check before making any transactions.
- Never click on suspicious links or provide sensitive information via SMS, WhatsApp, Telegram, or email. Always access your bank’s website and app directly.
- Never share your account credentials and passwords with anyone. Use strong, personalised passwords that are unique and complex combinations of letters, numbers, and special characters. For extra security, enable Two-Factor Authentication whenever possible.
- If you receive a TAC (Transaction Authorisation Code) or a notification for a transaction you did not make, immediately report it to your bank.
- Avoid using public Wi-Fi for financial transactions, as it increases the risk of hacking.
- Only download apps from official sources such as the Apple App Store or Google Play Store. Do not use unsecured or unknown payment methods, especially those that do not offer encryption.
- Regularly monitor your bank accounts to detect unauthorised transactions or suspicious activity. Keep track of your financial statements and transaction history.
- Be cautious of job offers, prize claims, love scams, and requests for upfront payments via online channels. If something seems too good to be true, it likely is.
Signs of fraudulent activity
Fraudsters often use deceptive tactics to trick individuals into obtaining personal or financial information. Recognising these warning signs is crucial to avoid scams, even in moments of distraction or subconscious decision-making.
Common fraudulent tactics include calls, emails, or messages claiming to be from your bank, law enforcement, online payment services, or government agencies and requesting personal information, payments, passwords, or transaction details.
Other red flags include online deals offering products or services at extremely cheap prices without clear information and messages stating that you won prizes you never applied for.
Scammers often lure something that seems too good to be true and create a false sense of urgency to pressure you into making quick decisions. Staying vigilant and verifying the legitimacy of such requests can help protect you from financial fraud.
Help and resources for fraud/scam victims
If you suspect that you have been a victim of fraud or scam, make a police report immediately to help with investigating the cases.
Alternatively, contact the National Scam Response Centre (NSRC) hotline at 997. The NSRC was established to coordinate a rapid response to online financial scams, including faster recovery of stolen money and enforcement action against criminals. This is a joint effort between the National Anti-Financial Crime Centre (NFCC), the police, BNM, the MCMC, financial institutions, and the telecommunications industry.
Additionally, BNM, Payments Network Malaysia Sdn. Bhd. (PayNet), and financial institutions have launched the National Fraud Portal (NFP) as an integrated platform to strengthen the NSRC’s operational capabilities.
Know the avenue to redress
Suppose you suffered direct financial losses because of unauthorised transactions and have lodged a complaint with the financial service providers but are unsatisfied or receive no response. In that case, you may seek other avenues for further redress.
The Financial Markets Ombudsman Service (FMOS) is a one-stop, independent platform that provides free services to resolve direct monetary disputes up to RM250,000 between financial service providers, capital market intermediaries, and financial consumers and investors.
