Protect Yourself From Scams

Managing Money Series

Debit and Credit Cards, Online Payments and E-Wallets

Bank, Bank Account and Online Banking

Bank Loans and Credit

Saving & Budgeting

Understanding Insurance

A scam is when someone tries to take your money by pretending to help you or offering you something. Money scams come in many forms.

Scammers are getting better at their tricks and coming up with new ways to fool people in the digital age. With a few sneaky moves, they can trick you, steal your personal information, and get into your bank accounts, causing a lot of trouble.

Common scams include phishing, phone scams, and identity theft. You can better protect yourself by understanding these scams and following these general tips.

If you believe you have been a victim of a scam, this section tells you what you can do next.

Scammers can reach you by:

POST
PHONE CALL
SOCIAL MEDIA
TEXT MESSAGE
EMAIL
IN PERSON
POST
PHONE CALL
SOCIAL MEDIA
TEXT MESSAGE
EMAIL
IN PERSON

Get more information about money scams from the Bank Negara website.

Warning Signs of a Scam

  • You are contacted by someone who you do not know or by a company you have not heard of.
  • You are asked for money, or you are offered money.
  • You have to make a quick decision and have no time to talk to your friends and family about it.
  • You are told to keep it a secret.

General Tips for Protecting Yourself From Scams

Adapted from Bank Negara Malaysia : Financial Fraud Alert

DO NOT SHARE your personal banking details with people that you do not know or trust

  • Account Number
  • PIN Number
  • OTP Number

DO NOT DOWNLOAD mobile applications outside your smartphone’s official application store (e.g. Google Play, Apple App Store, Huawei App Gallery).

Be careful of fake websites and apps that try to steal your personal information.
PROTECT your smartphone, tablet and/or computer from cyber criminals
  • Do not use public Wi-Fi for online banking.
  • Do not download apps from unknown messages or websites.
  • Do not install apps from unknown sources.
  • Do not click on suspicious links from SMS, emails, or other online messages
ACT IMMEDIATELY if you think you have downloaded a bad app, also known as malicious malware (like an APK file):
  • Delete the suspicious app.
  • Change your banking password.
  • Report any strange transactions to your bank and file a police report.

Common Types of Scams and How to Spot Them

Phishing
Phone Scams
Mobile Application Scams
Mule Accounts
Illegal Deposit Schemes

 

 

Phishing

  • Phishing is a scam to steal your personal and financial information.
  • Scammers send fake emails or messages that look like they are from banks, offering services, or offering you jobs.
  • These messages have links to fake websites that look real.
  • The fake sites ask for your login details, credit card numbers, or other personal information.
  • Once you enter this information, scammers can access your accounts or steal your identity.
  • Phishing scams can be very convincing and often use urgent or scary messages to make you give up your information.

What a Phishing Attack Might Look Like

You get an email that looks like it’s from your bank. The subject says: “Urgent: Action Required to Secure Your Account.”

In the email, it says:

Dear Customer,

We saw unusual activity in your account. Please click the link below to verify your details:

[Verify Your Account]

Thank you.

Best regards,

[Bank’s Name] Security Team

What Happens Next:

You Click the Link: The link takes you to a website that looks like your bank’s site. It asks for your username and password.

You Enter Your Information: You type in your login details. The fake website saves this information.

What This Means: The scammers now have your login details. They can get into your real bank account and steal your money or personal information.

How to Protect Yourself:

Don’t Click the Link: Instead, go to your bank’s official website by typing in the address or call their customer service.

Look for Mistakes: Check for spelling or grammar mistakes. Make sure the email address looks right.

Don’t Rush: Real companies don’t ask for personal information through email or rush you to act.

Ask for Help: Ask someone you trust to read the email.

How to tell whether a website is secure?

Only give out your personal details to websites and emails that you trust.

Look for the lock symbol by the website address bar at the top. This indicates a website should be secure.

If you are unsure whether a website is secure, ask someone you trust to have a look at the website.

What to Do If You Have Been Scammed?

  • Contact Your Bank:
  • Immediately call your bank’s scam hotline and ask them to help stop any further transactions.
  • You can also call the National Scam Response Centre at 997.

(Source: Bank Negara Malaysia)

  • File a Police Report: Report the scam to the police to start an investigation.
  • Report to Bank Negara Malaysia: If relevant, file a report with Bank Negara Malaysia.
  • Keep All Records:
  • Save all communication and transaction records related to the scam.
  • Keep details of the people you interacted with.
  • This information could help if you want to take action against a company or assist police investigations.

Other Common Types of Scams

Phone Scams
Mobile Application Scams
Mule Accounts
Illegal Deposit Schemes

 

 

 

Phone Scams

A common scam in Malaysia is the phone scam, sometimes called a Macau scam
  • Scammers call you and pretend to be different people to trick you.
  • They try to get you to share personal or financial information such as your account number and PINs.
  • They might make you feel scared or rushed. For example, they might say: “You need to give us this information right now.”

What a Phone Scam Might Look Like

The Police Officer:

You get a call from someone saying they are a ‘police officer’.

They claim your bank or credit card information has been stolen, or that you have an arrest warrant.

The Bank Officer:

You get a call from someone saying they are a ‘bank officer’.

They claim your bank or credit card information has been stolen, or that someone used your money to buy something expensive.

The Customs Officer:

You get a call from someone saying they are a ‘customs officer’.

They claim you have a parcel held by Malaysian Customs and you need to pay a fee to release it.

Scammers can fake their caller ID to make it look like they are calling from a real institution, like your bank’s hotline number. This is called caller ID spoofing.

What Happens Next:

You Share Information: You give the fake officer your personal or financial details because they made you feel scared or rushed.

Scammer Uses Details: The scammer uses your information to access your bank account or credit card.

Scammer Steals Money: The scammer takes your money or makes charges to your account, causing you to lose money

How to Protect Yourself:

If you get any of these calls:

Hang Up Immediately: Don’t give them any information.

Call Back: Use the official hotline number of the institution they said they were from.

Ask for Help: If you are scared and not sure what to do, ask a trusted person for help.

What to Do If You Have Been Scammed?

  • Contact Your Bank:
  • Immediately call your bank’s scam hotline and ask them to help stop any further transactions.
  • You can also call the National Scam Response Centre at 997.

(Source: Bank Negara Malaysia)

  • File a Police Report: Report the scam to the police to start an investigation.
  • Report to Bank Negara Malaysia: If relevant, file a report with Bank Negara Malaysia.
  • Keep All Records:
  • Save all communication and transaction records related to the scam.
  • Keep details of the people you interacted with.
  • This information could help if you want to take action against a company or assist police investigations.

Other Common Types of Scams

Phishing
Mobile Application Scams
Mule Accounts
Illegal Deposit Schemes

 

 

 

Mobile Application Scam

  • Scammers can access your phone if you download suspicious third-party apps (like .apk files).
  • These apps might be suggested by online services or texts (SMS, WhatsApp, Telegram, etc.).

  • Once scammers have access, they can read and/or delete your transaction alerts and OTP numbers.

What a Mobile Application Scam Might Look Like

You receive a message on WhatsApp from an unknown number.

The message asks you to download a new app to get a special offer or prize or to download a new game

You download and install the app (.apk file).

What Happens Next:

Scammers get access to your phone.

They can read and delete your transaction alerts.

They can read and delete your OTP numbers.

How to Protect Yourself:

Don’t Click the Link:

  • Don’t click on SMS/text hyperlinks that redirect you to a site or download an app to your phone.
  • Remember, banks will no longer send you any clickable hyperlinks via SMS!
  • Be careful when redirected to non-official or suspicious sites.

Don’t Download Apps from Unknown Sources: Only install apps from official app stores (Google Play, Apple App Store, Huawei App Gallery).

Be Careful of Unknown Numbers: Don’t click on links from unknown numbers offering special deals, prizes, or games

What to Do If You Have Been Scammed?

  • Contact Your Bank:
  • Immediately call your bank’s scam hotline and ask them to help stop any further transactions.
  • You can also call the National Scam Response Centre at 997.

(Source: Bank Negara Malaysia)

  • File a Police Report: Report the scam to the police to start an investigation.
  • Report to Bank Negara Malaysia: If relevant, file a report with Bank Negara Malaysia.
  • Keep All Records:
  • Save all communication and transaction records related to the scam.
  • Keep details of the people you interacted with.
  • This information could help if you want to take action against a company or assist police investigations.

Other Common Types of Scams

Phishing
Phone Scams
Mule Accounts
Illegal Deposit Schemes

 

 

 

Mule Account Scam

In this type of scam,

  • Your bank account is being used by other people.
  • They are using it to collect or transfer money.
  • This money might be stolen or from illegal activities.

These scams might look like:

  • A “too-good-to-be-true” job offer. They ask for your ATM card or details like your PIN, OTP number, or online banking password. These details are not usually needed for a job.
  • Unlicensed moneylenders ask for your ATM card as collateral for a loan. They use your account to collect or transfer money.

What a Mule Account Scam Might Look Like

Sara is 17 years old and wanted to help a friend.

Mei, Sara’s friend from primary school, asked to use Sara’s bank account to receive money from her grandmother.

Sara agreed.

Later, Sara got a message on Facebook:

A man said he paid RM850 to her account for a phone but never got it.

Sara realised her account was being used in a scam.

She found out her account was used to steal RM13,686 from people.

What Happens Next:

Sara’s bank account might be closed.

Sara might find it hard to open a bank account in the future.

Sara might get in trouble with the police for helping in a scam

How to Protect Yourself:

Do not let anyone use your bank account: Even friends can misuse it.

Keep your bank details private: Do not share your account number or PIN with anyone.

Be careful with requests for help: If someone asks to use your account, say no and explain why.

Report any suspicious activity: If you think your account is being used wrongly, tell your bank and the police right away.

What to Do If You Have Been Scammed?

  • Contact Your Bank:
  • Immediately call your bank’s scam hotline and ask them to help stop any further transactions.
  • You can also call the National Scam Response Centre at 997.

(Source: Bank Negara Malaysia)

  • File a Police Report: Report the scam to the police to start an investigation.
  • Report to Bank Negara Malaysia: If relevant, file a report with Bank Negara Malaysia.
  • Keep All Records:
  • Save all communication and transaction records related to the scam.
  • Keep details of the people you interacted with.
  • This information could help if you want to take action against a company or assist police investigations.

Other Common Types of Scams

Phishing
Phone Scams
Mobile Application Scams
Illegal Deposit Schemes

 

 

 

Illegal Deposit Taking

Illegal deposit taking happens when someone takes money or valuables (a deposit) and promises a return without having a proper licence under the Financial Services Act (FSA) 2013.

According to Section 137(1) of the FSA, accepting deposits without a licence is a crime.

Examples of how this might happen

  • Job deposit scam: you are asked to pay a deposit to apply for a job.
  • Prize claim scam: you are asked to pay a deposit to claim a prize for a competition you did not enter.
  • Investment scam: you are asked to invest money in a scheme that promises very high returns quickly.

Some situations are not considered illegal deposit taking, for example:

  • Car booking fees: Paying a deposit when booking a car.
  • House rental deposit: Paying a deposit when renting a house.
  • Payments to government or approved Issuers: Payments to the government, statutory bodies, or approved e-money issuers are allowed.

What an Illegal Deposit Scam Might Look Like

Rahim receives a phone call saying he has won a big prize in a contest he doesn’t remember entering.

The caller tells Rahim he has won RM10,000 and a new smartphone.

To claim his prize, Rahim is asked to pay a “processing fee” of RM1,000.

Excited, Rahim transfers the RM1,000 to the provided bank account.

After several days with no prize delivered, Rahim realises he has been scammed.

What Happens Next:

Rahim’s bank account might have unauthorised transactions.

Rahim might lose the RM1,000 he paid.

Rahim might find it hard to trust future offers and calls.

How to Protect Yourself:

Be careful: If something sounds too good to be true, it probably is.

Don’t pay upfront: Real jobs and contests do not ask for money first.

Check sources: Always contact the company directly to see if the offer is real.

Protect your information: Do not share your personal or bank details with strangers.

Learn about scams: Know about common scam tricks to avoid them.

What to Do If You Have Been Scammed?

  • Contact Your Bank:
  • Immediately call your bank’s scam hotline and ask them to help stop any further transactions.
  • You can also call the National Scam Response Centre at 997.

(Source: Bank Negara Malaysia)

  • File a Police Report: Report the scam to the police to start an investigation.
  • Report to Bank Negara Malaysia: If relevant, file a report with Bank Negara Malaysia.
  • Keep All Records:
  • Save all communication and transaction records related to the scam.
  • Keep details of the people you interacted with.
  • This information could help if you want to take action against a company or assist police investigations.

Other Common Types of Scams

Phishing
Phone Scams
Mobile Application Scams
Mule Accounts

Keep in touch!

Subscribe