ABM: Scam alerts given by banks are effective

PETALING JAYA: Scam awareness alerts by banks have proven to be effective in helping foil fraudsters and protect bank customers, according to a recent survey by the Association of Banks in Malaysia (ABM).

The findings revealed that there was a good association between scam prevention and education with four out of five customers, who have averted scams, having read their banks’ scam alerts on the latest tactics being deployed.

When asked to name different kinds of scams and their strategies, the majority of respondents could do so, averaging scores of above 60% for 11 different sorts of scams including malware and phone scams.

Additionally, 76% of those polled also revealed that scam prevention was the topic that they are most interested in.

In a statement, ABM chairman Datuk Khairussaleh Ramli said the evolution of scams presented new challenges to banks and customers as fraudsters adjust manipulation tactics to suit current banking or shopping trends.

“In response to the dynamic challenges, banks continued to demonstrate an unwavering commitment to protecting our customers’ financial well-being by introducing enhanced security measures regularly on top of a national scam awareness campaign to educate the masses,” he pointed out.

Given that 63% from the survey was found to have had close contact with financial scams, he said this showed the importance of taking scam education seriously.

Khairussaleh said banks would continue to arm its customers with the necessary knowledge and tools in fostering a more resilient and empowered banking community against scams.

When compared with SMS, emails, and social media posts, the survey also revealed that push alerts on mobile banking applications and online banking websites are the most efficient ways to disseminate scam alerts.

Banking websites and applications are said to be the natural choice to disseminate scam messages as usage on these channels have grown as a result of individuals embracing digitalisation and growing more at ease with using digital platforms for banking.

The survey, which aimed to gauge the national scam understanding and awareness among customers, was participated by more than 1,200 bank customers.

It also highlighted potential areas of improvement for banks, particularly in providing sufficient information to selected customer segments, who may not have ready access to anti-scam materials, such as the elderly and the less technologically savvy.