ACCORDING to a media report, more than 95,800 people have lost over RM3.2 billion to scams from 2021 to 2024. And this sum could be just a fraction of the losses since some people do not report them. This is worrying because people are still falling for scams despite being warned of the modus operandi of fraudsters.
A phone call from scammers who impersonate as immigration, police or bank officers can cause victims undue stress and pressure. As a result, without thinking and consulting anyone, they submit themselves to the demands of the impersonators.
In a fleeting moment of panic, money is transferred to different accounts. Before the victims realise what has happened, their funds have been drained. The police and banks are unable to help them. It is a rude awakening when the victims realise that they have been cheated and fleeced of their hard-earned savings.
The authorities have repeatedly warned the public not to fall for such scams. However, some individuals, driven by greed, are lured into investments promising returns that seem too good to resist.
In a recent case, a victim transferred RM655,000 through nine online transactions to five bank accounts provided by the suspect. Each transfer was around RM65,000, a significant amount for online withdrawals.
When individuals suddenly make a large number of withdrawals at the ATM or through online transfers, the banks should call up the individuals and look into their transactions.
Banks should limit the number of withdrawals and online transfers allowed per day. They need to go the extra mile to protect depositors.
Banks can inquire about large, repeated transactions to understand why a depositor is moving substantial sums of money. By acting as a check and balance on a depositor’s savings, banks can significantly reduce fraudulent withdrawals and transfers.
Everything possible must be done to safeguard depositors. Scammers and fraudsters should not be allowed to get away so easily.
Samuel Yesuiah
Seremban
