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Beware of scams and fraud

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Financial fraud is on the rise throughout the world.

According to PWC’s 2020 Global Economic Crime and Fraud Survey, 43% of Malaysian companies experienced economic crime in 2019, up from 28% in 2016.

According to New Straits Times, RM67.6 million was lost to cyber-crimes in the first quarter of 2019 alone.

How it happens

There are many forms of fraud, scams and financial theft. Three of the most common forms include:

  • Online and mobile banking, where criminals access someone’s bank account via the internet or mobile banking.
  • Common online threats, such as computer viruses, malware, or phishing, where a hacker attempts to take control of a computer or mobile in order to access login details, passwords and other personal data.
  • Banking security, including telephone fraud, thefts from ATMs and other scams.

According to KPMG's Global Banking Fraud Survey in 2019 [@KPMG global banking fraud survey], 61% of banks surveyed reported an increase in financial fraud – in value and volume – over the past three years. 

How to avoid it

There is plenty of advice online about how to spot a scam or fraud, and what action you should take if you are a victim of fraud.

There are several simple precautions you can take to avoid becoming a victim of a scam or fraud:

  1. Never give your password, PIN or memorable information to anyone else.
  2. Change your passwords every few months. A strong password needn’t be difficult to remember.
  3. If you receive an email that claims to be from your bank, check it carefully. Unless you are absolutely certain it is genuine, don’t click on any link it contains.
  4. You will be better protected online if you keep your computer updated and install a firewall, anti-virus and anti-spyware software.

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