Costly cybercrime fraud, value this year to surpass RM1.1bil of last year

KUALA LUMPUR: Cybercrime involving fraud is at an alarming state with the value of cybercrime this year expected to surpass the RM1.1bil recorded in 2012.

Cyber Security Malaysia chief technology officer Dr Solahuddin Shamsuddin said cybercrime had reached RM1bil in the first six months of the year.

“The fraud cases mostly involved criminals ‘fishing’ individuals to give out their banking details,” he told StarBiz after delivering his keynote address at the 4th International Cyber and Economic Crime Conference organised by CSI World Headquarters and jointly organised by ICFE Group of Companies.

Elaborating on the modus operadi, he said the criminals would usually try to direct individuals to a fake website especially the ones that they had created to realistically mimic banking sites.

“The victims are mostly individuals that believe that the link provided in their e-mails will direct them to the real banking sites.

“To avoid this, people in general must be aware and more suspicious of e-mails requesting banking details and so on,” he said.

On the security side, Solahuddin said an Internet banking taskforce has been set up, consisting, Malaysian police, Malaysian Communications and Multimedia Commission and Cyber Security Malaysia.

“Actually, to fight this type of cyber-crime is simple – just increase the awareness of people to more careful and vigilant in following the links sent to their e-mail accounts.

“If you receive a suspicious e-mail, never try to click on the link provided. On the other hand, the public should go to their banking sites independently by typing website address themselves.

“They could also click on the padlock icon on the browser to ensure the certificates and domain address really belong to the bank,” he said.

Solahuddin cautioned that this problem, if not tackled, would affect the image of the country with foreign investors.

“Besides increasing awareness, the public are also encouraged to visit SAFE portal (Security Awareness for Everyone) so that they would not be duped into releasing their banking details to these criminals.”

On economic crimes from a global perspective, FICA managing director Asia compliance Singapore Rohan Bedi said there was a lot of money involved in shadow economy.

A shadow economy is defined as a black market or underground economy in which goods or services are traded illegally.

“For example, the shadow economy made up one-fifth of European Union GDP in 2012.

“From this two-thirds was contributed by undeclared work and the remaining one-third was from under-reporting profits of business,” he said in his presentation during the conference.

Article type: metered
User Type: anonymous web
User Status:
Campaign ID: 1
Cxense type: free
User access status: 3

Business , Business , cyber crime


Did you find this article insightful?


Next In Business News

Top Glove predicts 3% hit on FY21 sales due to production halt �
Airlines set to lose US$157bil amid worsening slump - IATA
AirAsia looks beyond losses to travel return
CPO December contract closes lower at RM3,448
My EG posts net profit of RM70.74m in 3Q
Leong Hup International's 3Q results up on-quarter
Inari sees strong demand for 5G RF components as Q1 net profit soars
PBA 3Q net profit jumps nearly 83% to RM11.3m
Majuperak returns to profit after three consecutive loss-making quarters
UEM Sunrise posts RM28.9mil loss in Q3�

Stories You'll Enjoy