Findings also reveal high level of recognition of scam types and satisfaction with banks’ awareness efforts
Kuala Lumpur, 9 November 2023 — Scam awareness alerts by banks have proven effective in helping foil fraudsters and protect bank customers, according to a survey conducted by the Association of Banks in Malaysia (ABM) to gauge the national scam understanding and awareness amongst customers.
Findings from the survey show that there is positive correlation between scam education and prevention of scams, with four out of five customers who have successfully avoided scams also actively read scam alerts from their banks, making them up-to-date on the latest scam tactics.
The Perception Survey on Financial Scams which was commissioned by the banking industry and conducted by Rakuten Insights from June to July 2023, brought to light encouraging statistics on respondents’ level of scam understanding and interesting insights on their views on financial scams.
Close to 80% of the respondents believe that scams happen due to victims inadvertently revealing their banking information to fraudsters and not due to any breach in banking systems
More than half of the respondents feel capable to manage and handle financial scams. In addition, those who always read and understand banks’ scam awareness alerts are shown to be 15% more prepared to fight scams
About 70% of the respondents are satisfied with the banks’ current efforts in creating awareness about financial scams
When asked to identify scam types and tactics, most respondents can successfully do so, scoring well above 60% on average for 11 scam types, including popular scam modus operandi such as phone scam and malware scam. Additionally, 76% of those polled also revealed that scam prevention is the topic that they are most interested in.
“The evolution of scams present new challenges to banks and customers alike, as fraudsters adjust manipulation tactics to suit current banking or shopping trends. In response to these dynamic challenges, banks have continued to demonstrate an unwavering commitment to protecting our customers’ financial well-being by introducing enhanced security measures regularly, on top of a national scam awareness campaign to educate the masses,” said ABM Chairman Dato’ Khairussaleh Ramli.
“We know from the survey that 63% have had close contact with financial scams, either having been a victim or know someone who was a victim. This shows the importance of taking scam education seriously – the public should always be vigilant and do not assume that they will not be targeted by scammers as scams do not discriminate against one’s age, gender or location.
Banks will continue arming our customers with the necessary scam knowledge and tools in fostering a more resilient and empowered banking community against scams,” he added.
The survey also pointed out online banking websites and push notifications on mobile banking applications are the most effective channels to deliver scam alerts, compared to SMSes,
emails and social media posts. With more customers embracing digitalisation in their everyday lives and becoming increasingly comfortable to bank using digital platforms, usage on these channels has grown, making banking websites and applications the natural choice to disseminate scam messages.
The survey was participated by over 1,200 bank customers. It also highlighted potential areas of improvement for banks, particularly in providing sufficient information to selected customer segments who may not have ready access to anti-scam materials, such as the elderly and the less technologically savvy.
In response, the banking industry launched the refreshed #JanganKenaScam national awareness campaign in October 2023 with the aim to foster scam awareness to the public from all walks of life and ensure a wide reach of scam education in both urban and suburban localities.
From 15 to 19 November 2023, the public can visit the #JanganKenaScam Fest at 1 Utama Shopping Centre (LG Oval Concourse) to take part in an immersive experience and scam simulation exercises to learn about scams in a fun way. Visitors who successfully complete all activities at the experiential booths will stand a chance to win exclusive #JanganKenaScam merchandise. Fans of brand ambassador Hairul Azreen and content creators such as Arwind Kumar, Amelia Henderson and Ceddy will also stand to meet their idols in special meet-and-greet sessions, available on selected days.
“We urge the public to visit the interactive booths to learn more about scams so they can protect themselves and their loved ones from fraudsters. Through these educational activities, attendees can ask questions, seek clarification, and gain anti-scam knowledge to fight scams and help safeguard their banking safety,” said President, Association of Islamic Banking and Financial Institutions Malaysia, Dato’ Mohd Muazzam Mohamed.
The #JanganKenaScam campaign and roadshow aim to help individuals understand how they can assert control over their own financial safety. By providing practical guidance and tips, the campaign empowers attendees to make informed decisions and be better prepared to protect themselves against the ever-present threat of scams. This initiative signifies a collective effort to bolster scam awareness and resilience within the community, ultimately fostering a safer and more secure financial landscape for all.
For more information on the #JanganKenaScam awareness campaign and upcoming #JanganKenaScam Fest event dates, please visit www.jangankenascam.com.