CUSTOMERS MUST STAY VIGILANT AGAINST DIGITAL SCAMS – ABM

KUALA LUMPUR: The Association of Banks in Malaysia (ABM) has urged customers to stay vigilant against scams, particularly those targeting users on digital platforms.

In a joint statement with the Association of Islamic Banking and Financial Institutions Malaysia (AIBIM) today, ABM warned that scammers commonly use social engineering tactics to manipulate users into clicking malicious links or divulging confidential information, such as online banking credentials.

The joint statement was released following a recent survey by ABM and AIBIM in March 2024, titled “The Public Opinion on Scam Survey”, which highlighted a significant increase in awareness of scams and compelling insights into customer attitudes towards banks’ scam awareness communications.

It said customers are advised to protect themselves from scams by avoiding hyperlinks from unknown numbers and not downloading any application (app) from links, especially on messaging apps such as Telegram and WhatsApp.

“Only download apps from official app stores such as Apple App Store and Google PlayStore,” it emphasised.

Additionally, it said that customers should never share their banking username and password with anyone, including friends and family members, and not entertain phone calls or messages from unknown mobile phone numbers.

According to the statement, ABM, AIBIM and their member banks will continue working closely with law enforcement agencies, government bodies and financial regulators to remind customers to exercise caution while conducting financial transactions.

Regarding the survey, it noted that the rise in the awareness and understanding of scams and their respective modus operandi among customers has resulted in a higher rate of successful scam avoidance.

“More than 50 per cent of respondents noted that they have interacted with banks’ communication efforts, while 69 per cent of respondents contended that Malaysian banks’ performance in spreading awareness was effective, denoting that customers were more appreciative of banks’ overall communication efforts,” it added. – BK