EDITION
  • English
  • 中文
  • Bahasa
  • eCommerce
Thursday, March 23, 2023
uLearnMoney Subscription Events
No Result
View All Result
Money Compass

EDITIONS:

Media and partner organizations:

cmc bmc ulearnmoney mylife mcm asncommerce mcm
  • HOME
  • NEWS
    • Global Market News
    • Local Market News
    • Corporate News
    • PLC News
  • SPECIAL FEATURE
  • COMPASS
    • Financial
    • Investment
    • Start Up
    • Capital
    • Infographics & Quotes
  • MONEY TUBE
  • LIFESTYLE
  • PR NEWSWIRE
Subscription Newsletter
Money Compass
  • HOME
  • NEWS
    • Global Market News
    • Local Market News
    • Corporate News
    • PLC News
  • SPECIAL FEATURE
  • COMPASS
    • Financial
    • Investment
    • Start Up
    • Capital
    • Infographics & Quotes
  • MONEY TUBE
  • LIFESTYLE
  • PR NEWSWIRE
No Result
View All Result
中文 Bahasa eCommerce
Money Compass

How to stay safe with using cashless technology during this Raya festive season

by moneycompass
April 19, 2021
in Lifestyle
The 12th International Conference on Financial Crime and Terrorism Financing (IFCTF) 2022 saw Bank Negara Malaysia's (BNM) governor talk about the ringgit's status.
Share on FacebookShare on WhatsApp

KUALA LUMPUR – Cashless payment methods have reached an inflection point in Malaysia since the beginning of Movement Control Order (MCO) last year. International Data Corporation (IDC) attributes the surge to Malaysia’s accelerated digital economy development and Malaysian’s increased digital presence during the pandemic.

The local government is also playing a key role in encouraging consumers to adopt e-wallets through many initiatives, like the digital stimulus implemented by Khazanah Nasional Berhad in 2020 which benefited some 15 million Malaysians, estimated at RM450 million.

Mastercard Impact Study 2020 also revealed that the country is a frontrunner in the Southeast Asia (SEA) region’s mobile and digital wallet adoption, with a mobile wallet usage of 40%, ahead of other countries such as Philippines, Thailand, and Singapore.

Parallel to the increased usage of e-payment platforms is the uptick of risks. While most of the major e-wallet providers in Malaysia ensure that the transactions are safe on their apps, with the checks like two-factor authentication for ensuring secure transactions for consumers, activities of malicious actors online remains high.

“Cybercriminals have several tactics on their sleeves. For example, tricking consumers into downloading fake, legitimate-looking e-wallet apps, which actually are malware aiming to infect smartphones used for digital payments. They are constantly coming up with innovative tactics to compromise e-wallet platforms.

“And with the ongoing pandemic plus the festive season, we see more social engineering tricks like phishing and scams to trick the human mind,” says Chris Connell, Managing Director for Asia Pacific at Kaspersky.

Data from Kaspersky Security Network (KSN) shows 103,573 mobile malware attempts were detected in Malaysia last 2020. Generally 99.9% of the mobile threats were targeted on Android, and less than 0.1% on iOS.

Kaspersky Mobile Malware Evolution 2020 report also noted that cybercriminals constantly monitor the situation in the world, collecting the most interesting topics for potential victims and then use these for infection or cheating consumer out of their money.

And the year 2020 gave cybercriminals a large number of powerful news topics, with COVID-19 as the biggest of these.  AdWare led the mobile threats in 2020, with 57.26%, as compared to 21.81% in 2019.  Kaspersky detected 156,710 mobile banking Trojans in 2020, twice the previous year.

Kaspersky has the following tips to help Malaysians harness securely the rising cashless technology during this Raya festive season:

  • Be sure that your smartphone has the updated OS
  • Consider having a solid cybersecurity app to be installed on your smartphone
  • Verify the site or app that you will be using – check if they are legitimate and with strong encryption
  • Always use a strong and unique password
  • Implement two-factor authentication
  • Download e-wallet or payment apps from official stores
  • Be sure to be extra vigilant each time you make an online transaction

 

Read more: 4 Simple Tips to Get Your Kids Practising Smarter, Savvier Money Habits

Tags: Cashless PaymentCovid-19digitalisationHari RayaMCOSoutheast Asia
ShareSendShareSendTweetShare
Previous Post

Malaysian banking sector to remain sound, robust despite Citigroup exit move

Next Post

Gateway Real Estate Africa to build office development at Appolonia City in Ghana

Related Posts

first home, house, buyer,
Lifestyle

First Home Buying Tips in Malaysia You Need to Know

23 Sep 2022
travel insurance, trip,
Lifestyle

Why Travel Insurance Is A Must For Your Trip

07 Sep 2022
United in one heart and mind, each year, thousands of staff from across the global offices of Swiss pharmaceutical company Roche, put on their walking shoes in support of children in need who deserve a helping hand towards a brighter future.
Lifestyle

Roche Children’s Walk Raises RM63,200 For Disadvantaged Children

16 Aug 2022

Discussion about this post

MOST POPULAR

  • Top 100 SMEs Defy Economic Headwinds to Post Triple-Digit Growth

    0 shares
    Share 0 Tweet 0
  • 10 Ways to Curb Overspending

    1 shares
    Share 0 Tweet 0
  • Dataxet Group Operation in Malaysia Wins Prestigious Brand Laureate Award for Sustainable Business

    0 shares
    Share 0 Tweet 0
  • 7 Reasons to Hold MICE Events at The Westin Grand Ballroom and Convention Center, Surabaya

    0 shares
    Share 0 Tweet 0
  • Leveraging MineSec’s SDK, NCCNet SoftPOS solution receives PCI CPoC certification

    0 shares
    Share 0 Tweet 0

MEMBERSHIP SUBSCRIPTION

Subscribe Now

Sign Up for Our Free Newsletters

Stay up-to-date with the latest personal wealth-related articles, breaking financial market news, and more.

Follow us on Social Media

News
Special Feature
Compass
Money Tube
Smart Lifestyle
Corporate Profile
Advertise
Subscriptions
Career
Contact Us
eLearning
Events
Privacy Policy
Terms of Use
Strategic Partners

Copyright © . Money Compass. All Rights Reserved.

Design and Development by Ant Internet Sdn Bhd

No Result
View All Result
  • HOME
  • NEWS
    • Global Market News
    • Local Market News
    • Corporate News
    • PLC News
  • SPECIAL FEATURE
  • COMPASS
    • Financial
    • Investment
    • Start Up
    • Capital
    • Infographics & Quotes
  • MONEY TUBE
  • LIFESTYLE
  • PR NEWSWIRE

© 2020 Money Compass

Career

SUBSCRIBE FREE NEWSLETTER