Worth the wait if it spells safety from scammers

PETALING JAYA: With banks warning that online transactions might be slower as a result of added security measures, consumer groups say the slight inconvenience is still worth it if it means one’s money is protected.

Communications and Multimedia Consumer Forum of Malaysia (CFM) chairman Muhammad Razillah Abdullah said Bank Negara Malaysia’s announcement of new measures to protect against financial scams was to be lauded, but cautioned that it would still not be an easy job to beat scammers.

He added that while implementing tighter banking security features could deter financial fraud activities, it was equally important for consumers to be more knowledgeable and wary of such scams.

“CFM supports these initiatives to further protect consumers from scams and we believe when it comes to safeguarding ourselves, it never comes easy.

“There’s always a cost in being safe, and scammers use different modus operandi every time.

“As consumers, we should be mindful and not just rely on the authorities. Self-regulate by checking for suspicious numbers and always double-check for spelling errors or links in messages.

“Do not download or install any suspicious applications as there are cases of malware getting our information without our knowledge,” he added.

Muhammad Razillah said security measures need to be reviewed constantly, as just implementing a few may not be enough to completely protect consumers from scams.

“Scammers are evolving and our measures to combat them should too,” he added.

With many financial scams using social media to find victims, he said consumers could help by reporting suspicious social media accounts to the platform itself or to authorities such as the police.

Consumers’ Association of Penang president Mohideen Abdul Kadeer said consumers should always be alert when communicating with unknown people such as online sellers.

“The proposed measures by Bank Negara are good, but consumers should also be wary when they are surfing the Internet, acknowledging the fact that they do not know who the person or seller that they are communicating with,” he said.