KUALA LUMPUR: Scam awareness alerts are effective to foil fraudsters and protect bank customers, according to a survey commissioned by the Association of Banks in Malaysia (ABM).
The survey is to gauge the national scam understanding and awareness among customers.
""The findings show that there is positive correlation between scam education and prevention of scams, with four out of five customers who have successfully avoided scams also actively read scam alerts from their banks," ABM said.
Close to 80 per cent respondents of a survey on financial scams conducted by Rakuten Insight from June to July 2023, believe that scams happen due to victims inadvertently revealing their banking information.
The result also shows it is not due to any breach in banking systems as more than half of the respondents feel capable of managing and handling financial scams.
"Those who always read scam awareness alerts are shown to be 15 per cent more prepared to fight scams and 70 per cent are satisfied with the banks' current efforts.
"On identifying scam types and tactics, most respondents scored well above 60 per cent on average for 11 scam types.
A total of 76 per cent revealed that scam prevention is the topic they are interested in.
ABM chairman Datuk Khairussaleh Ramli said the evolution of scams poses new challenges to banks and customers alike, as fraudsters adjust manipulation tactics to suit current banking or shopping trends.
The survey also revealed that - when compared to SMS, emails and social media posts - push alerts on mobile banking applications and online banking websites are the most efficient ways to disseminate scam alerts.
More than 1,200 bank customers took part in the poll.
It also outlined possible areas for banks to improve, especially in terms of giving specific client segments, like the elderly and less tech-savvy, enough information.
In response, the banking sector introduced the updated #JanganKenaScam national awareness campaign in October.