NST Leader: Vigilance key to stopping scams
The situation is akin to the authorities fortifying homes with formidable security systems but homeowners continue to fail to lock the doors. The cybersecurity measures against scammers are useless if the gullible allow themselves to be duped.
We say this as the police take over the National Scam Response Centre (NSRC) previously helmed by various enforcement outfits.
Nevertheless, it makes sense that police control the NSRC: it speeds up victim support, improves recovery rates and adds legal muscle to freeze assets and prosecute scam syndicates.
However, the NSRC must stay inclusive, leveraging expertise across all stakeholders like Bank Negara, MCMC, banks and telecommunications providers. The stakeholders must remain part of the anti-scam effort, especially for education, prevention and rapid action, like Singapore's "shared responsibility framework" where everyone maintains a fair, multi-prong system.
They have to: in 2024, scammers bilked a staggering RM54 billion, roughly three per cent of Malaysia's gross domestic product. According to a survey of Malaysians by trust tech company Gogolook, about 74 per cent of respondents encountered scams every month through phone calls, messaging apps and social media platforms.
Investment scams make up 23 per cent, followed by identity theft (21 per cent) and shopping scams (20 per cent). Unfortunately, 70 per cent of victims refused to report being scammed, mostly due to embarrassment but also scepticism on the effectiveness of alerting the authorities.
Bearing this in mind, the NSRC's most vital task is constant education on how to spot a scam. Awareness campaigns are key but the only way is to develop a scam-resilient society.
Scammers know they cannot beat a secure financial environment, but they understand human frailty. Victims often succumb to sweet talk or threats of legal action to part with their money.
Other than managing public education, improving technology and artificial intelligence defences, and formulating stronger laws and international cooperation, the NSRC may have to deal with victims' emotional toll and the fact that financial scams threaten Malaysia's socio-economic foundations.
In a nutshell, everyone, not just individuals, but also companies and the government, must keep reminding themselves to always be smart and vigilant.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Barnama
an hour ago
- Barnama
Ringgit Rebounds To Close Higher On Better-Than-Expected 2Q GDP Forecast
WORLD By Harizah Hanim Mohamed KUALA LUMPUR, July 18 (Bernama) -- The ringgit rebounded from recent losses to end higher against the US dollar on Friday, supported by a better-than-expected forecast of Malaysia's second quarter growth, which signalled that the domestic economy remains resilient amid external uncertainties. At 6 pm, the local note rose to 4.2410/2455 from 4.2465/2510 at Thursday's close. Malaysia's economy is forecast to grow by 4.5 per cent in the second quarter of 2025 (2Q 2025) based on advance gross domestic product (GDP) estimates, slightly outpacing the previous quarter's 4.4 per cent. Bank Muamalat Malaysia Bhd chief economist Dr Mohd Afzanizam Abdul Rashid said the recent pre‑emptive overnight policy rate cut by Bank Negara Malaysia would likely support growth in the second half, especially as downside risks have increased. 'The ringgit appeared to have gained some strength today, improving 0.13 per cent against the US dollar,' he noted. Second quarter growth was driven by robust domestic demand, with the growth momentum sustained in April and May, with a stronger performance anticipated in June, according to the Department of Statistics Malaysia's (DOSM) advance forecast today. At the close, the ringgit traded mostly easier against a basket of major currencies. It improved against the Japanese yen to 2.8517/8549 from 2.8548/8580 at yesterday's close, but eased versus the euro to 4.9336/9388 from 4.9217/9269 and retreated against the British pound to 5.6999/7060 from 5.6886/6946. The local note trended mostly higher against ASEAN currencies.
Free Malaysia Today
3 hours ago
- Free Malaysia Today
MCMC probing individual over online post on chief justice
MCMC said the online post is believed to contain false claims regarding the appointment of the chief justice. PETALING JAYA : The Malaysian Communications and Multimedia Commission is investigating an individual for allegedly uploading offensive content about the judiciary. MCMC said the post is believed to contain false claims regarding the appointment of the chief justice. However, it did not provide any details on the claims that were made. In a statement, it said the individual was called in for questioning at the Petaling Jaya district police headquarters at 2.30pm. A mobile phone and SIM card were seized as part of the investigation. MCMC said it views the spread of false and offensive content involving the judiciary seriously, and warned that any misuse of social media in such a manner could erode public trust and disrupt national harmony. It also said firm action will be taken under the law. The case is being investigated under Section 233 of the Communications and Multimedia Act 1998, relating to the improper use of network facilities or services, and provides for a fine of up to RM500,000, up to two years in prison, or both, upon conviction. Last night, the office of the chief registrar announced that Wan Ahmad Farid Wan Salleh had been appointed the new chief justice, replacing Tengku Maimun Tuan Mat, who retired earlier this month. In a statement, the office said the Yang di-Pertuan Agong also consented to the appointments of Abu Bakar Jais as Court of Appeal president, and Azizah Nawawi as chief judge of Sabah and Sarawak. All three will be sworn in and presented with their letters of appointment at Istana Negara on July 28.
Barnama
3 hours ago
- Barnama
Malaysia's 2Q GDP Growth Estimate Of 4.5 Pct Beats Consensus, Shows Economic Resilience -- Economists
REGION - CENTRAL > NEWS By Nur Athirah Mohd Shaharuddin KUALA LUMPUR, July 18 (Bernama) -- The government's advance economic growth estimate of 4.5 per cent for the second quarter of 2025 (2Q 2025) beats most analysts' projections, demonstrating the country's economic resilience. Bank Muamalat Malaysia Bhd chief economist Dr Mohd Afzanizam Abdul Rashid said the gross domestic product (GDP) growth estimate was higher than the consensus of 4.2 per cent. bootstrap slideshow He pointed out that the services sector, which accounted for 60 per cent of the economy, saw its growth accelerate to 5.3 per cent from 5.0 per cent in the first quarter of this year, while agricultural output rose 2.0 per cent from 0.6 per cent in the previous quarter. 'All in all, we believe the Malaysian economy is still growing at a healthy clip during the April-June quarter. However, the same cannot be said for the second half of the year, given the US tariff shock, which is likely to affect exports to the United States (US) 'In view of this, Bank Negara Malaysia has pre-emptively cut the overnight policy rate by 25 basis points last week,' he said. However, Mohd Afzanizam said the ongoing investment spending and expansionary fiscal policies will ensure that the domestic demand will continue to anchor the overall growth, especially during the second half of the year. Meanwhile, International Islamic University Malaysia associate professor of economics, Dr Muhammad Irwan Ariffin, opined that Malaysia's economy demonstrated resilience in 2Q 2025, outperforming regional peers such as Indonesia, Vietnam and Thailand. He noted that the growth was driven by strong domestic demand and steady manufacturing output.
