TECHTODAY NEWS
Hundreds of thousands of ringgit lost in online banking thefts
By Sammy Anderson | 6 April 2023

PETALING JAYA: Malaysians are losing hundreds of thousands of ringgit to deceptive Facebook ads, with victims groping in the dark until they receive online banking alerts.

Malaysia’s Computer Security Response Team (MyCert), a unit of the Ministry of Communications and Digital, recorded 5,198 online fraud cases and 794 intrusion attempts between January last year and February this year.

dr Zarul Fitri Zaaba, senior lecturer at Universiti Sains Malaysia School of Computer Sciences, attributed online fraud to both human and technological factors.

“Human factors such as lack of awareness and error can be linked to these incidents. Technological factors that can cause people to fall for online scams include system vulnerabilities and inefficient countermeasures.

“In computer security, countermeasures are methods or procedures that reduce risk by preventing and minimizing damage.

“But even if all security control measures are taken, attackers can still find vulnerabilities or bugs,” he told theSun.

Zarul said that as hardware and software security attacks take more time and effort, people become the primary target as they can be easily manipulated using various techniques such as phishing, spam and clickbaits.

“When an offer (appears) lucrative and (promises) financial returns, an individual may lose common sense. People respond to phishing emails or clickbait and (unknowingly) give their user credentials to attackers.”

Zarul said that there is no single method to detect online fraud or suspicious activity. Therefore, it is necessary to use different strategies to protect yourself.

“Users can identify and flag suspicious activity by monitoring strange behavior. Online scammers often exhibit certain behavioral patterns, such as For example, logging in from an unknown location, using an unfamiliar device and network, attempting to log in multiple times with incorrect credentials, or conducting large transactions.

“Another possible solution is to use security software such as antivirus, fraud detection or prevention software.

“While these tools can help detect and prevent fraudulent activity before it occurs, they don’t guarantee you’re fully protected.

“However, knowledge and experience can help minimize the risk of falling into a trap.”

Association of Banks in Malaysia (ABM) executive director Kalpana Sambasivamurthy said the organization is committed to running awareness campaigns to educate bank customers and the public on how to stay safe online.

She advised account holders to routinely closely and frequently monitor their bank statements as well as transaction alerts from banks.

“If you are a victim of online banking fraud or mule scams, immediately call your bank or the National Scam Response Center on 997 between 8 a.m. and 8 p.m. for assistance. Next, file a report with the police to facilitate the investigation.

“After that, notify the bank in writing with a copy of the police report and all relevant records and documents, such as B. transaction history so they can be used for follow-up actions.”

According to Kalpana, all banks have procedures in place to investigate reports of unauthorized transactions.

If an unauthorized transaction takes place, member banks are urged by regulators to ensure proper communication and fair redress for customers who have taken the necessary steps to protect themselves and have not committed fraud, she added.

According to Kalpana, scammers are always coming up with new ways to trick the public, and the modus operandi changes over time.

“Common channels used by scammers include social media, email, direct messages such as SMS and WhatsApp, and phone calls. Victims are often tricked into downloading malware applications or revealing their sensitive banking information.

“As scams become more sophisticated, everyone needs to arm themselves with knowledge and awareness of how scams are perpetrated in order not to become a victim,” she said.

Source : www.thesundaily.my