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Sharing of bank account password, pin number will lead to fraud cases, mule accounts - BNM

04/10/2022 12:22 PM

KUALA LUMPUR, Oct 4 (Bernama) -- The sharing of bank account passwords or PIN numbers with close friends will increase the risk of online fraud, including being used knowingly or unknowingly as “mule accounts” to perpetrate fraud, said Bank Negara Malaysia (BNM). 

One of the more striking results from the 2021 Financial Capability and Inclusion Demand Side Survey, or the FCI Survey, is the low level of digital financial literacy observed, “which is deeply concerning,” said deputy governor Jessica Chew Cheng Lian in a statement in conjunction with the launch of Financial Literacy Month (FLM) 2022 on Oct 1.

One in three individuals surveyed stated that they would be willing to share their bank account passwords or PIN numbers with close friends, she noted, and that almost two-thirds of individuals surveyed do not pay attention to the security features of a website before they perform online transactions (such as checking if the page for making the payment is legitimate and can be trusted).

“As a result, individuals are far more likely to be deceived into providing their banking credentials through a fake website that enables scammers to use their information to commit fraud.

“Using mobile devices and apps inappropriately has also led individuals to fall victim to fraud such as phishing, hacking, and data theft,” she said.

The FLM 2022 this year aims to amplify the importance of digital financial literacy in helping Malaysians build financial resilience, and enable them to participate fully in the digital economy with confidence. It is a main event of the Financial Education Network (FEN), or FEN, an inter-agency platform of eight partner institutions that are committed to raising the level of financial literacy in Malaysia. 

FLM2022 will run throughout October with various programmes on financial literacy lined up with FEN Mobile visiting 61 locations nationwide.

More information on this can be accessed through www.fenetwork.my.

-- BERNAMA


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