Consumer Social Intelligence Safety and Security Report 2024
Key Opportunities
Malaysia | 01 Oct 2023 - 31 Mar 2024
1. Educate working-age consumers about recruitment, car and house-buying scams
Addressable Insight:
From October 2023 – March 2024, scams involving calls from fake recruiters and fraudulent car and property sellers surfaced. A thread on X detailed the different types of recruitment scams that have been witnessed, including asking targets to pay for laptops, background checks and charging application processing fees. In the case of property and cars, fraudsters asked for down payments into personal bank accounts. These types of scams, particularly recruitment scams, are likely to target working-age consumers.
Action Items:
Banks might conduct social media and email marketing campaigns to educate their employable-age customers about these scams and fraud tactics. Content would cover scammer practices like asking for down payments and processing fees and requesting payment into personal bank accounts. The content should additionally guide customers on steps to take if they suspect a fraudulent offer or scheme and how to report it.
Key Message
Assist customers with tips and tricks to identify fake recruiters and property/car salespeople.
Proposed Actions
Banks and financial institutions can teach the active employment age group to spot potentially dangerous offers. They could also explain what these consumers should do if they suspect they are having a scam attempted on them or what do to if they have been scammed.
2. Empower your customers with insights on fake and stolen card scams and how to combat them.
Addressable Insight:
With the rise in digital transactions, scams involving fake and stolen cards have become increasingly prevalent. Scammers often gain access to devices, posing significant threats to personal and financial security. Traditional security measures such as sending One Time Passwords (OTP) to mobile devices are often insufficient when the OTP is sent to the same device that may already be compromised or a card that has been stolen.
Action Items:
To enhance security, banks have incorporated Multi-Factor Authentication (MFA), which requires a second form of authentication, such as a unique code sent to a registered device through in-app authentication. Additionally, modern banking apps offer features that allow users to take immediate action if their card is stolen such as turning off contactless payments, limiting the card’s spending limit and blocking the card entirely. For customers who are not tech-savvy, banks provide support through dedicated helplines and customer service numbers to assist with card-related issues.
Key Message
Enhance your security with Multi-Factor Authentication (MFA) and take immediate actions if your card is stolen.
Proposed Actions
Banks and financial institutions should use social media, email marketing campaigns and in-app notifications to educate customers and employees about enhancing security through Multi-Factor Authentication (MFA) and using card control features in case of a stolen card. This includes explaining the importance of MFA, describing how it works and highlighting its benefits for accessing critical systems and account logins. Additionally, customers should be informed about the steps to take if their card is stolen such as turning off contactless payments, limiting spending and blocking the card using the bank app. Clear instructions and resources should be provided for non-tech-savvy customers along with a dedicated helpline or contact number for immediate assistance in case of card theft or other security concerns.
