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KUALA LUMPUR: Awareness campaigns are key to combating financial scams, said Emerging Journey Asia (EJAsia) managing director Shah Marley.
Shah stressed the need to intensify awareness efforts to better protect the public.
“For me, awareness is the most important, campaigns and awareness programmes. Complaints (on scams) will always be there, and we have to understand that authorities have many other cases to handle,” he told SunBiz in an interview.
He said when people fall victim to a scam, they often blame the banks, which cannot help in such cases.
“According to the law, if you’ve transferred money willingly, the authorities can’t do much because you made the transfer yourself.
“Even if someone transfers money unknowingly, they still pressed the button, and that’s what the authorities will say – they can’t do anything because the transfer was made by the victim themselves,” he said.
Shah said radio, TV, newspapers, and online platforms are already addressing this issue, but there is a need to push harder.
“We hope to raise awareness so people don’t trust things too easily, especially when it comes to financial matters,” he added.
Shah said the key is for people to be patient and to carefully check links before clicking – especially for older individuals who might click on links more impulsively.
“If you’re unsure, Google it or ask a friend, take a screenshot and ask the bank, or consult someone who works in the relevant field,” he advised.
Shah cited personal experience to illustrate the point.
“I once received an email from ‘Shell’, saying they’d give me money. I thought, ‘Is this real?’ and I clicked on it, only to have my computer get hacked,” he shared.
Shah cited other examples, such as scams involving fake wedding invitations where clicking on these links can lead directly to one’s banking details.
He added that some scammers even impersonate officials or send fake legal documents, purportedly from the Inland Revenue Board of Malaysia or involving the Anti-Money Laundering Act.
Shah said cases where scams have become so sophisticated that they specifically target senior citizens by accessing databases, including Employees Provident Fund records for individuals aged 55 or older.
“Their main targets are senior citizens because they tend to click on things right away. Younger people might not open these links, but our parents or other elderly people might.
He added that beyond scams, there are lots of other criminal activities, such as online gambling, which have become quite common.
“If you’re normal, you should think about how to spend money wisely for your family and not on unnecessary things. But if you don’t have enough to survive, you might think, ‘Oh, I can make money through online gambling’, which is also a scam,” he warned.
He said, “This is why programmes that raise awareness are so important so people don’t keep getting fooled. Especially parents, who have responsibilities and might not be aware of these scams.”
Shah said the problem of financial scams is not specific to Malaysia as it is a global issue affecting people everywhere because “we’re all increasingly reliant on digital technology”.
“Everyone needs to be alert and aware of everything. There are no bombs dropping, but we need to be vigilant. Every link you receive could be a scam, so don’t trust things too easily. Scammers won’t stop, they’re constantly looking for opportunities, especially in this digital age where everything is about digital money. Fiat money, or cash, is becoming obsolete, so scammers are finding ways to get digital money. They can’t take cash anymore, so they have to use media, phishing links, and other digital means,“ he said.
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