Ad Banner
Advertisement by Open Privilege

Strategies for protecting your finances in Malaysia

Image Credits: UnsplashImage Credits: Unsplash
  • Internet fraud is rapidly increasing, with cybercriminals exploiting the challenges of verifying identities and legitimacy online.
  • Individuals can protect themselves by setting up alerts for banking transactions, using complex passwords, and avoiding public WiFi for financial activities.
  • Businesses should remain vigilant by questioning financial terms and monitoring supplier and customer interactions to prevent fraudulent activities.

Financial fraud is any sort of dishonesty done in the course of monetary transactions. This is a major concern for Malaysia's finance and financial technology industries.

While fraudsters can reach out to potential victims in a variety of methods, including face-to-face interactions, mail, phone calls, SMS, and/or emails, internet fraud is the fastest-growing strategy employed by cybercriminals. This is owed to:

The increasing sophistication of cybercriminals has made it challenging for individuals and businesses to stay ahead of potential threats. Fraudsters are constantly developing new tactics to exploit vulnerabilities in online systems. This includes using advanced phishing techniques that mimic legitimate websites and communications, making it difficult for even the most cautious users to distinguish between genuine and fraudulent interactions. As a result, both individuals and organizations must remain vigilant and continuously update their security measures to protect against these evolving threats.

The internet presents challenges in verifying identities and legitimacy, allowing fraudsters to divert visitors to bogus sites and steal personal financial information. Additionally, fraudsters can easily conceal their true location due to the internet's global reach. Fortunately, there are techniques to safeguard oneself from such illicit conduct.

Verify who is contacting you

A fraudster steals your identity and uses your personal information, such as bank account or credit card details, to conduct fraudulent online or in-person transactions. They often get a victim's personal information by impersonating a representative from an authority, such as a bank or government office, and convincing them that the information is necessary for official purposes.

In recent years, there has been a surge in scams involving fake investment opportunities, where fraudsters promise high returns to lure victims into transferring money. These schemes often involve convincing narratives and professional-looking websites that can easily deceive unsuspecting individuals. It's crucial to conduct thorough research and seek professional advice before committing to any financial investment. Always verify the legitimacy of the investment firm and ensure they are registered with relevant financial authorities.

Other illegal ways to collect the same information include cash skimming, card cloning, phishing, vishing, and spoofing.

Be wary of unexpected phone calls from someone claiming to hold positions of authority and asking such sensitive information. Call the given organisation to identify the individual.

Secure your accounts

To monitor and secure your banking or credit card transactions, you can take the following steps:

Set up SMS or email alerts for your bank accounts. You can set up alerts to notify you when an account receives a deposit, a transaction is completed, your debit card is used, or your balance reaches a specific threshold. By doing so, you can discover any unauthorized activity on your account before it causes significant damage.

Set up alerts for weekly balance updates. While most people take money from their accounts on a regular basis, some users leave their savings accounts unattended for extended periods of time.

By setting up notifications, you will receive a balance update notifying you of any changes from the previous week, even if your account is inactive for more than seven days.

Create alerts for credit card transactions. Credit card notifications, like bank account alerts, should be set up for charges that exceed a predefined limit. You can also receive notifications when your card is used to make a cash withdrawal or when your total balance exceeds a certain amount.

Set up a weekly credit card balance alert to see whether it has been used without your awareness.

In addition to setting up alerts, it's advisable to regularly review your bank and credit card statements for any discrepancies. This proactive approach can help you quickly identify any unauthorized transactions and report them to your financial institution. Many banks offer fraud protection services, which can provide an added layer of security and peace of mind. By staying informed and vigilant, you can significantly reduce the risk of falling victim to financial fraud.

Contact your bank if you plan to travel. If you want to travel for work or pleasure, notify your bank to authorize overseas transactions.

Use secure online banking. Contacting your bank via email is less secure than using its secure channels. The recipient has no way of identifying who sent the email, thus the institution will be unable to respond and is not authorized to send personal or financial information by email.

Take precautions while online

The internet is teeming with harmful malware, spam, and spyware, so be sure your computer has security software installed and updated. Other security measures include:

Using complex passwords. Most people use common passwords for a variety of purposes, including sensitive operations like online banking and credit cards. While this makes passwords easier to remember, it may represent a security risk.

Make sure you use complex alphanumeric passwords for all transactions.

It's also a good idea to update your passwords on a regular basis and have distinct ones for each account. A strong password consists of at least eight characters, including letters, numbers, and special symbols.

Update your passwords on a regular basis and keep them secure by writing them down or using a password management application.

Avoiding public WiFi. Always perform transactions using your own computers or mobile phones. Additionally, always connect to the internet via a secure WiFi connection that is password protected.

Financial transactions over a public WiFi connection are extremely dangerous and should be avoided.

Being cautious with emails. Any promotional communications that request your bank information should be ignored and reported as spam. Keep in mind that your bank will never ask for your financial credentials.

If you frequently receive promotional emails from stores, go straight to the seller's website rather than putting information into a coupon link provided by third parties.

Cybersecurity experts recommend using two-factor authentication (2FA) for an added layer of protection. 2FA requires users to provide two forms of identification before accessing an account, typically a password and a verification code sent to a mobile device. This method significantly reduces the chances of unauthorized access, even if a password is compromised. Implementing 2FA on all accounts, especially those related to financial transactions, is a simple yet effective way to enhance online security.

Examining SSL certificates Many small sellers fail to include security processes, which can endanger security. It is preferable to perform online transactions through websites that start with https rather than http, which does not provide appropriate encryption.

Logging off Always log out of your bank's or merchant's websites after you've completed a transaction.

Always ask questions.

If you own a business, here are some questions to keep your firm vigilant:

Are there especially favorable or unfavorable financial terms with banks? Do any suppliers appear to be getting disproportionately large amounts of the business, or are they paying significantly higher than market rates? Do some customers appear to receive much better prices and terms than others? Investigating the answers might help you keep one step ahead and safeguard your company from fraudulent activities.


Ad Banner
Advertisement by Open Privilege

Read More

Finance World
Image Credits: Unsplash
FinanceJanuary 21, 2025 at 1:00:00 PM

Yuan soars as Trump's inaugural speech signals softer stance on China

[WORLD] In a surprising turn of events, the Chinese yuan experienced a remarkable surge in the foreign exchange market following President Donald Trump's...

In Trend World
Image Credits: Unsplash
In TrendJanuary 21, 2025 at 1:00:00 PM

Should 2025 be the Year of the Cat instead of the snake?

[WORLD] As the world prepares to welcome the Lunar New Year on January 29, 2025, a surprising discovery has thrown the traditional Chinese...

Finance World
Image Credits: Unsplash
FinanceJanuary 21, 2025 at 12:00:00 PM

Surging US debt issuance strains bond market stability

[UNITED STATES] The U.S. bond market is poised for a tumultuous 2025 as it grapples with unprecedented levels of debt issuance. This surge...

Culture World
Image Credits: Unsplash
CultureJanuary 21, 2025 at 12:00:00 PM

Malaysian workers resist Chinese work norms amid hiring challenges

[MALAYSIA] In the bustling cities of Malaysia, a cultural clash is brewing in the workplace. The traditional Chinese work ethic, known for its...

Tech World
Image Credits: Unsplash
TechJanuary 21, 2025 at 11:00:00 AM

Instagram implements age-based restrictions for Singapore users

[SINGAPORE] Instagram, the popular photo and video-sharing social networking platform, is set to implement significant changes for its Singapore users in a bid...

Tech World
Image Credits: Unsplash
TechJanuary 21, 2025 at 10:00:00 AM

President Trump's executive order postpones TikTok ban, reshaping US digital landscape

[UNITED STATES] President Donald Trump has signed a long-awaited executive order delaying the ban on TikTok, the wildly popular video-sharing app owned by...

Politics World
Image Credits: Unsplash
PoliticsJanuary 21, 2025 at 9:30:00 AM

Trump's inaugural address sparks potential US-China space race amid muted initial response

[WORLD] As the world watched Donald Trump take the oath of office for his second term as President of the United States, his...

Tech World
Image Credits: Unsplash
TechJanuary 21, 2025 at 9:30:00 AM

X, Facebook, and tech giants bolster EU commitment to tackle online hate speech

[EUROPE] In a landmark development for online safety, major tech companies have stepped up their commitment to combat hate speech on their platforms....

Tech World
Image Credits: Unsplash
TechJanuary 21, 2025 at 9:30:00 AM

Trump scraps Biden's electric vehicle vision

[UNITED STATES] In a sweeping move that signals a dramatic shift in U.S. energy and environmental policy, President Donald Trump has revoked a...

Economy World
Image Credits: Unsplash
EconomyJanuary 21, 2025 at 8:30:00 AM

Crude oil prices dip as Trump vows to ramp up U.S. oil production

[WORLD] The global oil market experienced a significant shake-up as former President Donald Trump's recent statements about increasing U.S. crude oil production sent...

Economy World
Image Credits: Unsplash
EconomyJanuary 21, 2025 at 8:30:00 AM

Robust domestic demand set to drive Malaysia's economic growth in 2025

[MALAYSIA] As we step into 2025, Malaysia's economic landscape is painted with strokes of optimism and resilience. The nation's Gross Domestic Product (GDP)...

Economy World
Image Credits: Unsplash
EconomyJanuary 21, 2025 at 8:30:00 AM

Wall Street rallies as Trump's second term begins

[UNITED STATES] As Donald Trump reclaimed his position in the Oval Office on Monday, January 20, 2025, financial markets responded with a wave...

Ad Banner
Advertisement by Open Privilege
Load More
Ad Banner
Advertisement by Open Privilege