Protecting yourself against malicious scams
In this digital-first era, scammers are getting smarter, coming up with more complex schemes and storylines to prey on people. Whether it’s fake takaful policies, phishing emails, or dodgy online transactions, being aware of common scams can save you from unnecessary stress. Between 2021 and April 2024, Digital Minister Gobind Singh Deo revealed that RM3.2 billion has been lost to online scams involving over 95,000 victims in Malaysia. A staggering amount of financial losses and victims. At Ouch, we’re all about making financial protection simple and safe. Here’s how you can stay one step ahead of scammers.
1. Know What Not to Share
This is the first step to safeguard against scammers. Never share your personal and confidential details with anyone. The police, your banks, or government officers will never ask you for personal banking information such as your username, password, or any TAC/OTP.
2. Pause Before You Share
Most scams take place via phone calls or text messages. If someone contacts you claiming to be from a financial institution or a takaful provider and asks for sensitive information like your bank account, don’t rush. Always verify the source through official channels. According to the Royal Malaysia Police (PDRM), e-commerce, phone scams, and investment scams are the most common. If something feels off, trust your instincts and check directly with your provider.
3. Know Your Takaful Plan Inside Out
Scammers love exploiting gaps in understanding. Make sure you’re familiar with the details of your takaful coverage and always stick to registered operators under Bank Negara Malaysia (BNM) or the Malaysia Takaful Association (MTA). If someone offers a deal that feels too good to be true, it probably is!
4. Stay Secure Online
With more of us going digital, it’s no surprise scammers are targeting online transactions. Features like enhanced two-factor authentication (2FA) and safer payment systems are being implemented nationwide. Activate these features, avoid using public Wi-Fi for financial transactions, and always use trusted platforms. Do not simply click links in a message or email, especially if they are from an unknown sender.
5. Help Your Loved Ones Stay Safe
Not everyone knows how to spot a scam, especially elderly family members or younger relatives just starting to manage their finances. Share these tips with them to help your loved ones stay protected. Educate them on the common scenarios used by scammers, such as a fake bank representative asking for personal info or a threatening call from a fake enforcement authority regarding non-existent summons/criminal activity. At the very least, ask them to verify information with digital-savvy family members whenever it involves a link.
According to the National Scam Awareness Survey 2024, 65% of respondents experienced attempted scams. In the unfortunate incident of falling victim to a scam, proceed to contact your bank immediately. You might also want to contact the National Scam Response Centre’s (NSRC) emergency hotline immediately by dialling 997, as they can help you reduce financial losses. The NSRC is an emergency response center for online financial scams and fraud, involving the collaboration between the National Anti-Financial Crime Centre (NFCC), PDRM, Bank Negara Malaysia Multimedia Commission (SKMM), as well as financial institutions and the telecommunications industry.
Staying scam-savvy doesn’t have to be complicated. With a few simple precautions, you can safeguard your money and avoid unnecessary headaches. Scammers are constantly evolving, but so are the tools and resources available to protect you. At Ouch, we’re committed to helping you navigate these challenges and ensuring your financial journey is safe. Together, let’s outsmart the scammers and build a secure future for ourselves and our community.
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Disclaimer: The information in our blog articles and provided by our brand ambassadors/KOLs is for general insights only and not legally binding. We strive for accuracy but cannot guarantee the information’s completeness or reliability. For legal matters, consult official documents or contact an authorised Ouch! representative.