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Showing posts with label Scams. Show all posts
Showing posts with label Scams. Show all posts

Sunday 23 June 2024

Expert calls for NSRC overhaul as millions lost to scammers posing as NSRC officials

 

WASPADA PANGGILAN DARIPADA NSRC - Laman Web MKN


PETALING JAYA: There is a need to look at the current staffing and ability of the National Scam Response Centre (NSRC), which is unable to handle the scams that are happening, says cybersecurity law expert Derek John Fernandez.

Although there is presently a hotline for scammed victims to report to NSRC, the staff members are not trained enough and the hotline is not active all the time, the lawyer pointed out.

“For now, there is only a handful of borrowed civil staff manning NSRC’s 997 hotline and it is not on round the clock, all year round.

“On top of that, those who take the calls are not adequately trained to diagnose these cases and as scams take place almost instantly due to advanced technology, speed is of much necessity in stopping a scammer. 

“It should be a 24-hour hotline run by trained personnel at the call centre with the right amount of budget and resources.

“Without this, NSRC cannot fulfil its mandate as the national scam response centre,” said Fernandez, who is also a Malaysian Communications and Multimedia Commission (MCMC) commissioner.

He feels that there is much to be done to strengthen NSRC and coordinate its four main components – the Royal Malaysia Police (PDRM), Bank Negara, MCMC and National Anti-Financial Crime Centre (NFCC) – to enable it to function more effectively as a one-stop anti-scam centre.

“The policies of NSRC must be pushed to reduce scam risks. My view is that the agency now has insufficient resources to carry out a full service to cover all complaints of scams.

“On top of that, it also lacks staff to conduct proper diagnoses of attempted scams,” he said.

Fernandez said that if NSRC is to function as a one-stop centre for all scam responses, the government must provide it with more funds and the latest technology.

“The agency head and staff members must also be given more command and control to be able to stop scammers,” he said.

He called on the four main components of NSRC as well as financial institutions to play their part in training the staff members.

“There must be clear and defined mandates, powers and financing of the centre,” said Fernandez.

Meanwhile, the Alliance for Safe Community chairman Tan Sri Lee Lam Thye called for the government to equip the NSRC with the latest technologies to fight cybercrime as well as to update any obsolete cyber laws.

“In our fight against scamners, it is necessary to make full use of the NSRC but to do so the government must equip NSRC with the latest technologies.

“Online scamming has become such a serious issue that most of the criminal activities by scammers are online.

“We need to employ the latest technologies. We must utilise NSRC to deal with public complaints.

“We need to look at the expertise needed, albeit foreign expertise if need be,” said Lee.

He said that it is sad that although NSRC is already a year old, it has yet to be the one stop anti scam centre it was supposed to be.

“The authorities should revisit NSRC and ensure that more work is done to beef up the centre. It must involve all the four relevant components of the NSRC.

“I hope the authorities will make sure the centre is not only to solve scams but is also a prevention agency to stop more scams from happening.

“The government should also study the current cyber laws and amend them to ensure our cybersecurity legislation is updated to ensure we will win in our fight against cybercrime,” said Lee.

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 Millions lost to scammers posing as NSRC officials

KUALA LUMPUR: Scammers impersonating National Scam Response Centre (NSRC) personnel have already duped 60 people this year, resulting in RM7.6mil worth of losses, says Comm Datuk Seri Ramli Mohamed Yoosuf.

The Bukit Aman Commercial Crime Investigation Department (CCID) director said the victims would receive calls from someone claiming to be from the NSRC, who would then tell them that their phone number was linked to a scam report and might be cancelled.

“The call will then be transferred to another person, posing as a police officer.

“They will be told to follow every instruction until they eventually transfer funds to an account,” he said when contacted. 

Comm Ramli emphasised that NSRC operates solely as a one-way communications centre for reporting scams.

“NSRC officers will not call anyone and if you receive any calls claiming to be from the centre, it is definitely a scam.

“I also hope the public will make use of the SemakMule portal to check and verify bank accounts before making transactions,” he said.

The police have opened 60 investigations into such cases, involving RM7.6mil in losses, as of June 15, Comm Ramli said.

“One of the latest cases involves a 70-year-old retired factory worker in Johor who lost RM584,000 of his life savings after he received a call from scammers posing as NSRC officers,” he added.

On another matter, Comm Ramli said there were reported losses of RM1.07bil from 14,846 commercial cases in the first 24 weeks of the year.

“We recorded an average of 88 cases daily,” he said.

He added that the number of cases had increased slightly from the 14,798 cases that were recorded in the corresponding period last year.

“However, the amount of losses has spiked by about 27% as the cases resulted in RM843mil in losses last year,” he said.

He added that the CCID is confident in dealing with the huge number of cases, as it has seen an increase in successful prosecutions.

“A total of 7,018 investigation papers led to successful prosecutions this year compared with the same period last year when 6,219 prosecutions were recorded,” he said.

Comm Ramli reminded the public to be more vigilant.

“Help us spread commercial crime prevention messages. Let us work together to create a safer environment, free from commercial crime,” he said.

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Saturday 20 April 2024

A wake-up call for banks

 KUALA LUMPUR: The police remain firm in their stance that people should ignore calls from unknown numbers.

Instead, they say, legitimate businesses have to find new ways to handle over-the-phone marketing and verification methods.

The need for new ways is due to scammers also using the same methods to make victims part with information about themselves, according to Federal Commercial Crime Investigation Department director Comm Datuk Seri Ramli Mohamed Yoosuf.

Comm Ramli acknowledged that both the banking and telemarketing industries have been facing problems with customers refusing to reveal information about themselves for verification purposes.

“I have been asked what would happen to industries that rely on telemarketing services to promote their services if the police continue to advise all to not answer calls from unknown numbers. I urge these industries to change their promotion tactics and not try to change consumer behaviour.“Among the more popular tactics in online scams are the use of phone calls to contact victims directly. This has created a fear among people that unknown calls are from scammers.“Our priority must be the protection of consumers,” he said.

In the eyes of the police, he said, the best way to avoid being scammed is to simply ignore unknown calls, as this completely removes the risk of being cheated over the phone.

He added that he had also personally received legitimate calls but would not give the required information as he preferred to err on the side of safety.

“Just last week, I received five calls from two banking institutions for over-the-phone verification. When I asked about the purpose of the call, I was told I would need to verify my identity first.

“So it’s a never-ending issue; I have to verify myself to them and the banks will need to verify themselves to me.

“In the end, no one verifies and both end the call,” he said, leading to laughter from reporters.

He also noted that business is still being conducted using mobile numbers, leading to even more suspicion.

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Wednesday 13 December 2023

Boom time for Malaysian AI


PETALING JAYA: Artificial intelligence (AI) is set to be the next growth engine for the technology sector.

Stocks linked to this sub-segment of the tech space have seen strong gains this year.

Analysts believe the run has further legs to go with companies such as Nvidia Corp, Advanced Micro Devices and their related branded manufacturers in Taiwan such as Asustek Computer Inc gaining strong interest of late.

AI requires computing power that is used by graphics processing unit (GPU) in computers and they are the key to the training of neural networks, the enabler of AI.

Apart from powering computer games and graphics/video-intensive computers, GPUs help quicken the training of neural networks which are a key component of many algorithms enabling AI.

The two main GPU designers and makers in the world are Nvidia and AMD.

It appears that tech stocks on Bursa Malaysia have not caught up with the strong rally in the United States as the surge in interest since late last year are limited to makers of GPUs and their related companies.

There was much buzz last week on the local tech space with Nvidia founder and chief executive officer Jensen Huang dropping by several countries in the region including Malaysia to announce business ventures.

For Malaysia, Nvidia last Friday announced a data centre partnership and it also announced last Sunday it will set up a manufacturing base in Vietnam.

YTL Power International Bhdannounced a collaboration with Nvidia to deploy AI infrastructure with Nvidia H100 Tensor Core GPUs at its YTL Green Data Centre Park in Kulai, Johor.

YTL Power’s share price received a boost with this development and saw gains of almost 15% last week alone. The company is now considered an AI-linked firm by market players with this partnership.

SPI Asset Management managing partner Stephen Innes said the surge in share prices of AI-linked companies is just the beginning and investors have not fully digested the strong upside prospects of this latest development in the tech space.

“We are only seeing the tip of the iceberg on a decade-long transition to AI.

“Right now, most of the focus is on the companies making the tools necessary to power the AI revolution that appears to be fast descending upon businesses and, eventually, the broader economy,” Innes told StarBiz.“In the immediate sense, such a build phase may also benefit the ‘shovel providers’ of this ‘gold rush’ – the companies that provide the computing power and tools necessary to build the models needed to compete.

“For this year, at least, Nvidia has stood out as that hardware store on the prospecting hill,” he added.

Innes expects Nvidia will continue to trend higher and be trading at US$600 per share next year and over US$1000 in the longer term.

High-net-worth investor and former investment banker Ian Yoong Kah Yin said investor interest in the domestic tech sector will be AI-driven, moving forward.

“The listed companies in this space are YTL Power, ITMAX System Bhd and Straits Energy Resources Bhd YTL Corp and YTL Power, its subsidiary, are in data centres.

“ITMAX is in video surveillance and analytics. Straits Energy is into oil bunkering, telecommunications solutions and AI-enabling services,” Yoong told StarBiz.YTL, YTL Power, ITMAX and Straits Energy are trading at financial year 2024 price-to-earnings ratio (PER) of 10, 8, 19 and 10 times, respectively, he noted.

Meanwhile, Yoong said the wider local tech space on Bursa Malaysia is expected to remain in the doldrums in the first half of 2024, with recovery seen earliest in the second half of next year.

“The Bursa Malaysia Technology index currently commands an above-average valuation, with a forward PER multiples of 25 times. The historical average PER is 21 times.

“The semiconductor-based sub-sector is expected to report weak earnings in the next two to three quarters,” Yoong added.

Commenting on tech stocks’ performance on Bursa Malaysia, Rakuten Trade head of equity sales Vincent Lau said many Malaysian tech stocks appear to be stuck in a trading range.

“Fund managers are staying on the sidelines and I think they need to see fourth-quarter numbers first.

“Ours are lagging behind and only in the United States it seems to be doing well. Even in Hong Kong the tech sector is struggling,” Lau told StarBiz.However, a tech recovery is still on track and the fourth quarter might be supported by restocking activities.

He said how strong will the recovery be is still the main question.

“But in the AI space, it still has some legs to run while for electric vehicles, it continues to be another growth sector,” Lau said.

“We may be at a short-term bottom now, as I think it will be quite a firm recovery moving into 2024. We may be at an inflection point.”

On YTL Power-Nvidia partnership, RHB Research said it has a long-term positive view on this development.

“The project may also boost its data centre take-up rate in Johor.

“YTL Power’s earnings growth should strengthen upon the successful delivery of the project delivery in the long run but investors ought to take note that additional capital expenditure requirements ahead could be rather intensive,” it said in a note.


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Wednesday 4 October 2023

EXCLUSIVE On top of the scams list

 


Ecommerce fraud cases outnumber those of investments and loans

KUALA LUMPUR: When Covid-19 struck in early 2020 and millions of people were stuck at home with nowhere to go, online shopping started picking up and not long after, so did ecommerce scams.

According to the Bukit Aman Commercial Crime Investigation Department (CCID), over RM305.94mil was lost to ecommerce scams between 2021 and August 2023.

Its director Comm Datuk Seri Ramli Mohamed Yoosuf (pic) told The Star that over the last three years, his department had observed that ecommerce scams were becoming more prevalent nationwide.

Ecommerce scams refer to fraudulent online shopping offers and tend to feature “sellers” offering bogus items either on online purchasing platforms or via social media platforms.

In most cases, the seller disappears without a trace once they receive payment from their victims.

“In terms of cases being reported, ecommerce has topped the charts since 2021 with 9,499 cases recorded that year, 9,253 cases in 2022 and 7,911 cases between January and August this year,” said Comm Ramli.

“The top three types of scams reported are ecommerce scams, bogus loans and investment scams.

“Based on our statistics, cases of ecommerce scams reported greatly outnumber the other two types.

“In the past three years, 26,663 ecommerce scam cases were reported between January 2021 and August 2023 compared with 10,759 loan scams and 9,640 investment scams reported over the same period.”

ALSO READ: Only use trusted websites, says victim

He added that while losses from ecommerce scams had been on the rise since 2021, the biggest increase was seen this year with RM144.82mil in losses recorded between January and August.

“The year has not even ended yet and already we have recorded a RM56.73mil increase in losses compared with the RM88.09mil recorded in 2022. In 2021, we recorded RM73.02mil in losses,” he said.

He added that between January and August this year, police arrested 3,659 suspects in connection with ecommerce scams.

Comm Ramli said cheating cases were becoming more challenging to curb, as technology had allowed scammers to go online.

“There is no more face-to-face between the victim and the perpetrator when it comes to online scams, which makes it tough for suspects to be identified and brought to justice.

ALSO READ: Move to beef up scam response centre

“There is room for us to improve ourselves. As online scams increase, we need to better equip ourselves with new laws that are more relevant to combat such scams,” he said, adding that he welcomed a multi-agency approach to tackle these new forms of crime.

When asked if the police were beefing up their strategies and equipment to combat scam syndicates, Comm Ramli said they were working with other agencies such as the Malaysian Communications and Multimedia Commission as well as Bank Negara Malaysia.

“As criminals evolve, we, too, have to evolve in order to stay one step ahead of them. I will not elaborate on our strategies as it may open the door to the scam syndicates to alter their modus operandi, but rest assured that we are doing our part to fight them head to head.

“We are also part of the National Scam Response Centre (NSRC) and I must say that in terms of efficiency, it is quite effective,” he said.

He said anyone who feared that they have been scammed can contact the NSRC at 997 and action would be taken immediately.

Comm Ramli said there were some procedural matters being tweaked in order to make their efforts more proactive.

He added that their main aim was to retrieve the money for the victims.

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Seized: Comm Allaudeen speaking during the press conference at the KL police headquarters. — AZMAN GHANI/The Star

KL cops nab 155, bust eight scam call centres since Sept 4



Wednesday 22 February 2023

Don’t click that link, check before clinking link, victims can call 997, the National Scam Response Centre (NSRC) for help

Beware links asking for banking details, it's likely a scam, say cops.

With online businesses on the rise, the scammers are getting more sophisticated. All it takes is for a user to click a link, and thousands could be stolen in the blink of an eye. Malaysians have already lost almost Rm40mil since October last year.

Clicking on one link cost one man RM10,000.

In December last year, Michael (not his real name) received a notification on his phone telling him to change his banking account password.

Thinking it was a good idea to keep his account secure, Michael clicked on the accompanying link and filled in his banking details, including a new password.

But the notification was fake and the link exposed Michael’s account to scammers.

“Nothing seemed out of the ordinary as the message looked authentic. Clicking the link redirected me to [what seemed to be] the bank’s site and I went on without suspecting anything amiss.

“Several hours later, I noticed the money was gone and knew I had been scammed,” he said, adding that he has since lodged a report with the bank.

While the Macau scam famously has crooks posing as government officers and telling victims that money needs to be urgently transferred to avoid legal action, this technique fools people with fake links and apps, say cybersecurity experts.

The tactic is to offer lucrative deals on high-demand products with one condition: the buyer has to conduct the transaction through an app or link sent by the scammer to the victim’s device; this then allows scammers to obtain personal banking details.

Known as a phishing attack, the technique goes back to the 1990s and the early days of the Internet.

In January, a 55-year-old vocational training officer in Pahang was cheated of RM23,514.70 by a scammer impersonating an NFC (near-field communication) card sales agent.

NFC cards allow wireless transactions and are becoming very popular, especially for toll payments.

Exploiting the surge in demand for such cards, one syndicate advertised on Facebook offering “Nfccapable enhanced cards” in a family package of four cards for just RM32, and the training officer fell for the “too good to be true” deal.

With cashless transactions increasing by the minute and becoming more prevalent, banks are issuing scam alerts on their websites, through newsletters and even text messages, advising customers to be extra cautious when conducting such business as they leave themselves open to phishing attempts.

Phishing is a process where scamsters trick users into divulging personal information such as passwords or credit card details to gain access to users’ online banking accounts.

The message from banks is crystal clear: never trust phone calls or messages requesting personal details, and never click email links to fill up forms.

Fong Choong Fook, executive chairman of cybersecurity testing firm LGMS Bhd, said scammers now capitalise on “market demand” and advertise everything from maid cleaning services and food products to the latest tech gadget, among others.

“The type of product or service offered also changes depending on market demand. These products or services are usually sold in bulk as it allows the scammer to make more money,” he said.

Fong said the scammers ask the interested party to either install an app or click the link sent to make payments.

“This acts as a trojan horse to capture the consumer’s banking details, which is where the nightmare begins.

“The best way a person can avoid being scammed like this is to not download any apps or click any links sent directly from non-trusted sources,” he said.

He added that reclaiming money from scams is very difficult as it would usually be transferred very quickly through multiple accounts with scammers on standby to withdraw the sum at ATMS.

“Today, however, the government has set up a countermeasure through the National Scam Response Centre (NSRC) which serves as the last line of defence for victims.

The task force behind the hotline can also take the necessary actions to help victims,” he said.

The NSRC’S emergency response number is 997.

Cybersecurity expert Assoc Prof Dr Selvakumar Manickam from Universiti Sains Malaysia said cashless transaction scams have increased as adoption of such payment methods increased amid the Covid-19 pandemic that began in 2020.

Scammers can easily create fraudulent websites that look identical to authentic banking sites to dupe unsuspecting victims.

“The interface will look authentic and request users to insert their credentials to log in, as done on authentic sites,” he said.

He advised consumers to never click on links sent to their devices regardless of whether they are sent from authentic sources.

“Always access the site either through your browser or official app to ensure your security,” he said.

He also advised users to refrain from connecting to infrastructure such as public Wifi or computers as it could lead to hacking as well.

“If you’re constantly performing transactions through these banking sites, make it a habit to change your password every six months as a precautionary measure,” said Selvakumar.

A financial crime investigator at a public listed bank who spoke anonymously said scammers are extremely coordinated.

“Large amounts of even up to RM100,000 can disappear within minutes as the money is diverted through several intermediary accounts, making the trail difficult to trace.

“Scammers will also change your banking details such as passwords, transaction limits and linked-handphone numbers, leaving the victim unaware of what is happening.

“They also usually work in large groups with everyone on standby once a victim is identified,” he said.

He added that the obvious signs of such scams are that banks or officers would never call from mobile lines, adding that they would also never transfer the line to “law enforcement officers”.

“It’s best to just hang up on the call, and report it to the banks or NSRC if you encounter such situations,” he said. 

 by GERARD GIMINO and MAHADHIR MONIHULDIN 

 

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 #Windows10 #InternetSafety #OnlineSafety

The Internet can be a bad place, and not all websites are safe. Things may not always be what they seem, and it is, therefore, imperative that you take some basic precautions before you click on any hyperlink or URL. This beginner’s guide talks of the basic precautions one should take before clicking on web links, URLs or hyperlinks.

If you have noticed, when you are reading a web page, you will often see links as, for instance – TheWindowsClub or simply as www.thewindowsclub.com. Most of you may click on such links without a second thought. In either of these two cases, you will be taken to the genuine URL or website which is  https://www.thewindowsclub.com.

But you need to be careful as the displayed text or the hyperlink can be misleading. To give you an example, if you were to click on TheWindowsClub.com now, you could be taken to another link – in this case our own sub-domain. Or you could click on a different displayed link text like say Windows 10 and still be taken to www.thewindowsclub.com. Then again, you may see news.thewindowsclub.com but be taken to www.thewindowsclub.com.

The point that I am trying to make is that don’t take things at face value.

So to confirm that a link is safe or not, what you need to do, is move your mouse pointer and hover it over the link.

Read more on https://www.thewindowsclub.com/precau.

#OnlineSafety #InternetSafety #Windows10

Rightways