rapped in cycle of scams, victims being retargeted over 2.5 times on average

 Low digital literacy blamed for Malaysia's high victamisation rates

Stay vigilant: Victims not learning from experience is among the factors contributing to them being revictimised.

KUALA LUMPUR: Malaysia has the highest rate of online fraud revictimisation in Asia, with victims being retargeted over 2.5 times on average, according to the Asia Scam Report 2024 issued by the Global Anti-Scam Alliance.

CelcomDigi head of sustainability Philip Ling said the report also revealed that Hong Kong and Thailand ranked second and third respectively.

“There are two concerns, namely victims being repeatedly targeted by scammers and their low ability to differentiate artificial intelligence scams.

“The victims don’t learn from experience. It is concerning when they fall victim again because they lack the ability to differentiate between sources ... when contacted by authorities, they often cannot tell whether the caller is real or fake,” he said, Bernama reported.

He said this to reporters after attending the Anti-Scam Engagement Session, “It’s a Matter of When”, at the Tun Abdul Razak Broadcasting and Information Institute here, which saw the participation of over 100 staff from agencies under the Communications Ministry, including the Information Department, the Malaysian National News Agency (Bernama) and RTM.

Ling said the event on Monday provided participants with an opportunity to share information and advocate against crime in a manner that is clearer and easier for the public to understand.

“We need to know that scam victims do not get an adequate support system from the people around them.

“They feel scared, ashamed and unsure of where to seek help,” he said.

One of the participants, Abdul Wahid Abdul Mutallib from Bernama, said that such programmes should be expanded, particularly to the community, as they provide valuable new information and knowledge.

“This kind of programme is very good because it can raise awareness among the public, especially as we are in the age of AI,” he said.

Echoing similar sentiments, another participant Mohd Salehuddin Mohd Kidin expressed hope that more programmes focused on online fraud awareness would be organised at the grassroots level.

“Through courses like this, participants are given exposure on how to ensure that all information is accurate before making any online transaction,” he said.

Earlier, Communications Minister Fahmi Fadzil said online fraud is one of the government’s main focuses in addressing the rise in cybercrime cases, including online gambling, cyberbullying and sexual crimes against children.

In response to this, the government has decided to implement a regulatory or licensing framework for social media and internet messaging services, effective Jan 1 next year.

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Red flag in credit card fraud

 

With huge profits, it is time for banks and telcos to invest more in improving their infrastructure against rising criminal activities.

IT came as a huge shock to my colleague when she was saddled with a RM38,000 credit card bill – five transactions that took place in Brazil within minutes of each other, a country she had never visited in her life.

The purported expense came when she was travelling overseas. She only discovered her credit card was missing three months after the incident when the bank asked if she had her card with her.

“I was with another colleague in Hong Kong at the time. He received the same SMS alert from his bank. We both called our banks at the same time. But the difference was his bank stopped the transaction because they could not verify it,” she said.

Despite showing proof that she was in Hong Kong at the time of the transaction, her bank could not provide her with the details of the case as they did not ask the merchant for it. The minute they found out the transactions were physical, they washed off their hands and sent her a letter which indicated she was liable for the RM38,000.

“They even tried to charge a currency conversion fee, late fee and interest on the disputed transactions. Finally, after days of frustrating exchanges with the bank, I reported the case to Bank Negara, and only now the bank is reaching out to the merchant to investigate,” my colleague told me.

Sadly, her quandary is not something new. Credit card fraud is on the rise in Malaysia. But financial institutions in general argue that if a card is lost or stolen, it is still the responsibility of the cardholder if any transactions take place. But shouldn’t the onus be on the bank to at least perform due diligence on red flag transactions?

A year ago, banks under the ambit of the Association of Banks in Malaysia (ABM) and Associa-tion of Islamic Banking and Financial Institutions Malaysia (AIBIM) launched their refreshed #JanganKenaScam awareness campaign.

At that time, the associations claimed that the campaign underscored the banking industry’s commitment to combating financial scams and preventing fraudulent banking activities.

They have since implemented several security measures to fight scams, such as migrating from the SMS One-Time-Password (OTP), tightening their fraud detection rules, imposing a cooling-off period for first-time online banking registrations, restricting secure authentications to a single device, and setting up dedicated fraud hotlines for customers.

According to the two associations, these measures have successfully prevented fraudulent transactions worth RM351mil.

But combating fraudsters is a constant battle, with the banks themselves admitting that there is an upward trend and huge losses due to credit card fraud.

Over the years, The Star has published numerous articles highlighting scams and scammers and credit card fraud.

In fact, exactly 10 years ago, we published a front-page article on fraudulent credit and debit card transactions.

We wrote: “Many consumers are questioning the assurance banks give on Internet security after discovering that their credit and debit cards have been used in unauthorised online transactions.”

Ten years later, nothing seems to have changed. If anything, things have got worse.

A study by Ipsos last December revealed that an overwhelming majority of Malaysians have encountered scams, with a distressing number reporting substantial financial harm. The study indicated that scams are exploiting the digital realm, signalling a shift in criminal tactics that jeopardises our collective economic health.

Despite the additional security measures, the current national scam awareness campaign throws the entire burden of fighting scams on poor defenceless Malaysians, many of whom are retired, in their senior age, and somewhat gullible.

This is in stark contrast to what our neighbour down south has done – Singapore is holding the telcos and banks responsible for customers who have fallen prey to scams.

The Monetary Authority of Singapore (MAS) says financial institutions and telcos will have to compensate their customers who have been cheated if they are found to have breached their responsibilities.

These responsibilities include failure by banks to send outgoing transaction alerts to consumers and telcos failing to implement a scam filter for SMSes.

The Singapore authorities acknowledged that “responsibility for preventing scams should not lie solely with consumers but also with industry stakeholders”, such as the financial institutions and telcos.

The shared responsibility should also apply here because banks and telcos, as the primary gatekeepers, must do more to protect Malaysians.

Financial institutions play a critical role as a gatekeeper against the outflow of monies due to scams, while telcos play a supporting role as infrastructure providers for SMSes.

They must incorporate more circuit breakers and track the enormity of the scams that are taking place. Tracking is not good enough; they must also act on it.

With Budget 2025 to be tabled next week, I hope our reform-minded Finance Minister introduces stronger and better measures to help Malaysians and demand more from banks and telcos.

Banks and telcos have amazing balance sheets with huge profits. It is time that they invest more to improve the infrastructure against scamming and fraud.

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Using algorithms to check fraud

New way: In addition to developing algorithms to trace money that could have ended up in the hands of fraudsters, the NFP will be able to forecast the pattern of mule accounts. — AZLINA ABDULLAH/The Star

New National Fraud Portal to streamline end-to-end scam responses

PETALING JAYA: The National Fraud Portal (NFP) will be able to predict the pattern of mule accounts as well as create algorithms to track funds that may have fallen into the hands of scammers, says Bank Negara governor Datuk Abdul Rasheed Ghaffour.

Bank Negara, he said, had decided to put more effort into curbing fraud, especially online financial fraud, as the perpetrators were not only “getting smarter by the hour” but also more sophisticated in their use of new technologies.

These efforts, said Abdul Rasheed, were also in line with the National Risk Assessment of 2023 findings that fraud was one of the five high-risk crimes beside corruption, drug trafficking, smuggling and organised crime.

ALSO READ:  NFP requires certain policies to be effective, say experts

“Bank Negara is actively collaborating with PayNet and the financial industry to launch the NFP by the middle of next year.

“Building on the framework and foundations of the National Scam Response Centre (NSRC), the NFP will streamline the industry’s end-to-end scam response, from initial identification and reporting to the recovery of funds.

“This platform will enhance efficiency by automating processes, enabling a more rapid response to assist victims.

“We envision the NFP expanding to include predictive assessments of mule accounts, advanced analytics, and fund-tracing algorithms,” said Abdul Rasheed, declining to divulge further details.

ALSO READ:  Budget 2024: National Scam Response Centre allocation doubled to RM20mil

PayNet is the national provider of financial market utilities, set up to build inclusive, accessible and efficient payments and financial ecosystems for Malaysia.

Bank Negara is PayNet’s single largest shareholder, with 11 of the country’s financial institutions as joint shareholders.

Abdul Rasheed said since the NSRC was launched in October 2022, it had received over 19,000 reports on scam cases, leading to the freezing of over RM60mil and the identification of 43,000 mule accounts.

The NFP currently being worked on by the central bank stems from the success of measures such as the “kill switch” for customers introduced by all major banks, he said.

“Falling victim to financial fraud is undoubtedly difficult for those affected, with some victims losing their entire life savings and struggling to regain their economic footing.

ALSO READ: National fraud portal to be ready by mid-2024 - BNM

“With the support of the banking associations, all major banks have implemented these measures, including restricting authentication apps to a single device and introducing a ‘kill switch’ for customers.

“We have observed a 58% reduction in unauthorised online banking transactions reported to the NSRC in the last five months.

“Bank Negara is now also assessing a number of additional policy enhancements on the handling of financial scams.

“This includes strengthening the requirements for financial institutions to undertake more robust investigations, adopt stronger preventive controls, and review the effectiveness of these mechanisms.

“We also plan to clarify the responsibilities of customers to protect themselves and their rights if they fall victim to fraud,” said Abdul Rasheed.

Bank Negara’s efforts to curb scams have been ongoing, with the past year seeing financial institutions migrate from the one-time password (OTP) system to having a ‘cooling-off period’ for the first-time registration of online banking services or secure devices and limiting authentication to one device per customer.

Banks now have their own scam hotlines with more advisories for their customers.

A source with Bank Negara said the portal’s secrecy was one of the key factors in ensuring that scammers were not working in tandem with its development.

“It is crucial that we are one step ahead of the scammers. The problem has always been that we are always running behind the scammers, and now we are playing catch-up,” said the source.

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Lack of integrity detrimental to nation's economic growth, Malaysia's coffers run dry COVID-19 pandemic worsens

LIPUTAN BERITA MAJLIS 7TH ANNUAL ECOFI VIRTUAL SYMPOSIUM (AES 2021) OLEH TV3 

Mustapa: Lack of integrity in institutions detrimental to nation's economic growth

The COVID-19 Impact in Kuala Lumpur

KUALA LUMPUR: No country can graduate to become high-income status without first improving governance, eliminating corruption and promoting integrity in every sector, according to Minister in the Prime Minister’s Department (Economy) Datuk Seri Mustapa Mohamed.

As the public is closely watching the government’s performance in areas of governance and integrity, the Auditor General’s Department must carry out its responsibility to audit all expenditures by ministries and agencies.

Amid the aspiration to be a developed nation in both the public and private sector, Mustapa admitted that issues of concerns have emerged in the country such as fraud, corruption, poor governance, weak financial management, abuse of power, and many unethical practices.

“Lack of integrity in institutions, public and private sector will be detrimental to our nation’s economic growth.

“In the current situation when we are facing tough economic and health challenges, these subjects (good governance and integrity) have become more important.

“We must be prudent in our spending. There must be zero tolerance for abuse of power and weak governance,” he said in his speech when officiating the virtual seventh annual ECoFI Symposium (AES) 2021 yesterday.

Mustapa said every sen spent on the government’s stimulus packages has to be monitored closely to ensure that the objectives of assisting the people and businesses were achieved in times of crisis, while strengthening the governance and integrity for swift economic recovery.

Meanwhile, Malaysia Association of Certified Fraud Examiners president Datuk Seri Akhbar Satar said there are numerous actions that needed to be taken in the Covid-19 response and recovery.

These include building fair framework for data openness and access; address immediate risks in the emergency public procurement, mechanisms for effective implementation, compliance and review, safeguarding fairness in the enforcement of public integrity standards and foster a culture of integrity in leadership.

“Transparency is even more crucial during a crisis. (The) lack in checks and balances can lead to abuse of public procurement as some rules and regulations have been loosened.

“It can even lead to the practice of price fixing and collusive bidding – which are normal methods used in emergency procurement,” he said. — Bernama

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6 Singapore church leaders found guilty of fraud over pastor's wife's failed S$50m music career

City Harvest Church founder Kong Hee (R) and his wife Sun Ho arrive at the State Courts in Singapore

VIDEO: A Sun Ho music video, featuring Wyclef Jean
A video from an English-language single, "China Wine", shows her dancing intimately with rapper Wyclef Jean, sparking criticism that she had betrayed her calling as a Christian pastor.

Six religious leaders in Singapore who used $50 million in church funds in a failed bid to turn the pastor's glamorous wife into a global pop star have been convicted of fraud.

Top left to right: former finance manager Serina Wee, founder Kong Hee, former finance manager Sharon Tan. Bottom left to right: , deputy senior pastor Tan Ye Peng, former treasurer John Lam, and former fund manager Chew Eng Han. Photo: Reuters

After a two-year trial that captivated Singapore with tales of lavish spending and financial deceit, pastor Kong Hee and five aides were found guilty of diverting $Sg24 million ($24 million) to finance his wife Sun Ho's music career, which was portrayed as a religious mission.

The six were also found guilty of misappropriating another $Sg26m from City Harvest Church to cover their tracks, prosecutors said.

Ms Ho, who starred in a music video with rapper Wyclef Jean, was not charged.

The church said Ms Ho's music could be used to attract followers.

On Wednesday, Judge See Kee Oon found the accused guilty of criminal breach of trust or falsification of accounts, or both.

The maximum penalty for criminal breach of trust, which all six were convicted of, is life imprisonment, according to the penal code.

The six were granted bail before their sentencing date, which has not yet been set.

The glamorous couple fell from grace after the leaders were charged in 2013 and the court was told how church funds were spent on music videos, marketing and a luxurious lifestyle

Prosecutors said Kong and his subordinates engaged in a practice called "round-tripping" by channelling money allotted for a church building fund into sham bonds in linked companies so they could finance Ms Ho's music career.

They falsified church accounts to make it appear the bonds were redeemed, prosecutors said. - AFP

Singapore megachurch leaders hit a sour note in pop music fraud case

SINGAPORE (Reuters) - The co-founder of a Singapore church and five other leaders were convicted of multi-million dollar fraud on Wednesday for diverting money to support his wife's pop singing career, a rare fall from grace in the tightly regulated city-state.

The mix of money, faith and scandal in the case has fascinated the public in affluent Singapore, where such cases are rare under a system with little tolerance for corruption.

Senior pastor Kong Hee heads City Harvest Church, one of a growing number of Singapore's megachurches preaching "prosperity gospel" that blends spiritual and material aspirations. (http://reut.rs/1LCxhXr)

The churches have ambitions to turn Singapore into a centre for evangelical Christianity and to export their faith to the world. Kong was arrested and charged in 2012 with criminal breach of trust and falsifying accounts.

The six church officials were convicted of diverting nearly S$51 million (£23.97 million) in funds to advance the career of Kong's wife, Ho Yeow Sun.

"There is no doubt that they had something to hide ... They knew they were acting dishonestly," Judge See Kee Oon said in convicting the six in the Singapore subordinate court.

Ho has focused on the Mandarin pop market and has released albums, including "Embrace", through Warner Music Taiwan.

A video from an English-language single, "China Wine", shows her dancing intimately with rapper Wyclef Jean, sparking criticism that she had betrayed her calling as a Christian pastor.

Ho, the co-founder and executive director of the church, was not charged in the case.

The church, which had around 17,000 members last year, has stuck by its leader. It held a prayer session for Kong and others on Tuesday night and Ho issued a message of support after the court ruling.

"Thank you for your unwavering faithfulness in loving God and loving one another. More than ever before, let’s have a unity that is unbreakable," she said on the church website.

(Reporting by Rujun Shen; Writing by Rodney Joyce; Editing by Paul Tait)

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Beware of Cheque scams, banks take responsibility

Senior citizens' cheques were intercepted and stampered with in separate incidents
 
PETALING JAYA: Two senior citizens nearly lost thousands of ringgit when their cheques were intercepted and tampered with in separate incidents.

In the first incident, a man who paid his utility bills through cheques sent via mail was shocked to find that the amount deducted from his account was 10 times what he had written on one of the cheques.

The foreign national, who only wanted to be known as Richard, owns a home in Malaysia.

He issued a cheque for RM200 to pay his electricity bill in November last year.

“When I received the bank statement, I was shocked to see that the amount deducted was more than RM2,000,” he said.

When the bank gave him a copy of the cheque that was deposited, he realised that the cheque had been replaced with a fake one.

“The cheque was a different one altogether and it was made to one Alan Lim @ Lim Sze Wei. Only the serial number was the same as the one I had issued and there was a forged version of my signature,” he said, adding that the design on the cheque was also different as he was still using an older version.

“I only issue cheques once or twice a month and have not changed the cheque book for years. The old version had the bank logo in the centre. The fake cheque had a completely different design without the logo in the centre,” said Richard, who is in his 80s. Richard then lodged a police report.

In the second case, an 87-year-old pensioner’s cheque was believed to be intercepted and the name of the payee and amount altered, said his daughter K.L. Wong.

She said her father routinely paid his insurance policy premiums by cheque sent via mail, which was what he did on Jan 31.

He wrote a cheque for RM169 payable to a bank’s card centre to pay for his policy and posted it the next day.

On Feb 13, Wong, who handles most her father’s accounts because he is wheelchair-bound, called the bank to check if the cheque had been cleared.

“I was told the card centre had not received it and there was no payment for the December and January premiums,” she said.

Upon checking the account balance, she discovered that RM4,600 had been deducted.

“At first, the bank thought the cheque might have been processed and paid to the wrong person.”

When she requested for a scanned image of the cheque from the bank, she discovered all the payment details had been altered.

“It was the same cheque but the original details were somehow ‘washed out’. Only my father’s signature remained. The cheque was altered to pay someone by the name of Lim Teng Yong,” she said, adding that the person was unknown to her father.

Wong said the bank admitted that it was not the first complaint it had received involving the same name being used to cash fraudulent cheques.

She added that the bank promised to investigate the matter and she lodged a police report the next day.

Richard and Wong’s father’s cheques were issued by the same bank. After internal investigations, the bank reimbursed both men.

“It was good the bank was willing to take responsibility but there is obviously a scam going on. The public should be aware of how cheques are being tampered with or forged,” said Wong.

The bank declined to comment.

- Contributed by Jastin Ahmad Tarmizi The Star/Asia News Network

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Prevent ATM thieves and cyber crimes on the rise

Banks to arm machines with ink bombs to stain stolen notes

PETALING JAYA: Thieves who rob automated teller machines will be left with worthless pieces of paper if a Bank Negara proposal is put into place. Dye bombs are to be placed in the ATMs and if anyone tampers with the machines, the “bomb” goes off, leaving the notes stained in red and easily recognisable as stolen money.

Bank Negara, in its guidelines on Dye-Stained Banknotes dated Aug 26, is calling on both banks and Cash in Transit Companies to consider using the currency protection device (CPD) to deter ATM theft.

Local security company Extro Code Sdn Bhd demonstrated yesterday a CPD or dye pack which is already available in the market.

Its technical director Mohd Zaki Sulaiman said that once installed, the dye pack would be triggered when someone tries to break into the ATM.

“The device is like a smoke bomb which releases the ink onto the stacks of banknotes in the ATM,” he said.

Mohd Zaki said there’s no actual explosion but there is some heat when the CPD is triggered.“The actual triggering mechanism is a trade secret,” he added.

He said the ink called Disperse Red 9 was not harmful. He said the ink was imported but the actual CPD was developed and produced locally.

Mohd Zaki declined to reveal the cost of each dye pack and the installation cost. “Who pays for the device will depend on Bank Negara and the banks,” he said.

He said there are four ATM providers in the country but installing the dye-packs in the different machines should not be a problem.

The Bank Negara guidelines state that the CPD would emit a bright coloured dye by smoke, liquid or any other agent to stain the currency in the event ATMs are broken into.

This will enable authorities and the public to easily identify the defaced stolen currency and render them unfit for use.

The guidelines also sets out conditions under which these banknotes will be replaced. Among them:

• > The ink has to be indelible by water, fuel, gas, bleach and detergent.
• > It must be traceable to the ATM, to assist police investigations.
• > It must stain at least 10% of each bank note.
• > It can be detected and rejected by banknotes authentication machines used by banks such as Cash 

Deposit Machines. >It must be non-hazardous and non-toxic.

If banks retrieved the dye-stained currency, they can submit the banknotes to the central bank for assessment.
Tellers will also be trained to detect these banknotes.

The public and retailers will be advised not to accept dye-stained banknotes as they are likely to be stolen.

These measure, Bank Negara believes, will reduce ATM robberies.

In the United States, banks have dye bombs in vaults and any unauthorised person who tries to remove any money will trigger the bomb, leaving all the money – and the robber – stained in ink.

- Contributed by NEVILLE SPYKERMAN  neville@thestar.com.my

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Cyber crimes on the rise - millions of ringgit being lost annually to scams

 

Public awareness: (From left) Ambank deputy managing director Datuk Mohamed Azmi Mahmood, Khalid and AmIslamic Bank Berhad CEO Datuk Mahdi Morad at the launch of the Scam Alert campaign in Bukit Aman 

KUALA LUMPUR: Fraud and cyber crimes in the country have risen unchecked due to the lack of public awareness, while victims are hesitant to report the crime, the police said.

Millions of ringgit have been lost annually to crimes like sms scams and parcel scams, which have mostly gone unnoticed in the public eye.

In a bid to stop such crimes, the police has launched an awareness initiative on the various types of scams in the country.

Inspector-General of Police Tan Sri Khalid Abu Bakar said the initiative, under the National Blue Ocean Strategy, comprised cooperation with the Association of Banks in Malaysia (ABM) and the Association of Islamic Banking Institutions Malaysia (AIBIM).

The public would be informed and educated on the different types of fraud and cyber crime scams being used by today’s criminals.

“We are posting a list of the various methods and modus operandi used in these scams at our official police website at www.rmp.gov.my.

“This will be linked to the websites of all banks in the country so that anyone can easily access the information which will be regularly updated,” he said after launching the initiative at Bukit Aman yesterday.

Khalid said RM98.6mil in losses was recorded last year in cases involving cyber crimes, including Internet banking fraud as well as sms and parcel scams.

“So far this year, such losses have reached RM80.7mil, which shows that such cases and losses are increasing,” he said.

He added that losses to sms scams had jumped from RM5.8mil last year to RM39.2mil so far this year.

- The Star/Asia News Network