Vast majority still fear losing money despite rising scam awareness

DESPITE growing public awareness of scam tactics, many Malaysians continue to fall prey to fraud due to fear and panic, with 71 per cent of survey respondents admitting they would comply with scammers' instructions out of concern over losing their money.

The finding is part of the third annual survey conducted by Malaysia’s banking industry, involving the Association of Banks in Malaysia (ABM) and the Association of Islamic Banking and Financial Institutions Malaysia (AIBIM).

The study, which polled 1,000 respondents nationwide, evaluated the impact of the ongoing #JanganKenaScam public awareness campaign launched in 2023.

The survey revealed encouraging trends, with 92 per cent of respondents acknowledging awareness of the dangers of downloading unsolicited APK (Android Package Kit) files. In addition, 79 per cent avoided clicking suspicious links in SMS or emails, and 85 per cent were able to identify fake SMS messages.

ABM Chairman, Datuk Khairussaleh Ramli, welcomed the increased awareness but cautioned that scammers continue to exploit emotional pressure.

“This is evident when 71 per cent of respondents admitted they feared losing their money if they didn’t follow scammers’ instructions,” he said. “Our role goes beyond education – we must help customers remain calm and make wise decisions under pressure.”

President of AIBIM, Datuk Mohd Muazzam Mohamed, stressed that the evolving nature of scams requires a dynamic and responsive approach from the banking sector.

“Scammers constantly change tactics, so our defences must also adapt accordingly,” he said.

The study found that 82 per cent of respondents would contact their bank’s hotline or deactivate their cards immediately if they suspected fraud. Additionally, seven in 10 said they actively shared scam warnings with family and friends, particularly via WhatsApp.

Some 76 per cent of customers expressed satisfaction with anti-fraud protection measures by banks, up 13 per cent from the previous year. The most effective method of delivering scam alerts was through banking apps.

However, the report also highlighted a concerning gap: only one-third of respondents were aware of the National Scam Response Centre (NSRC) and its emergency line, 997 – a critical channel for reporting scams promptly and improving chances of recovering lost funds.

Current anti-fraud measures implemented by the banking sector include the transition from SMS one-time passwords (OTP) to more secure authentication methods, tighter fraud detection regulations, a mandatory cooling-off period for new online banking service registrations, limiting verification apps to a single device, and the provision of a 24/7 fraud hotline. - August 10, 2025