MALAYSIA is so flushed with funds, investments and savings that its owners, in their zealousness to grow their money, often open themselves up to being ripped off by fraudsters.
These criminals operate in two ways: prey on the cybersecurity illiteracy of the gullible and prowl government or corporate corridors to pounce on security vulnerabilities. The crooks have had a field day.
The federal police Commercial Crime Investigation Department reported that RM92.1 million was fleeced by Jan 15, a 43 per cent spike from the same period last year.
The cops didn't break down the crimes, but we took the liberty of listing a few: tax and securities fraud, identity theft, phishing, pyramid schemes, embezzlement and — this is a perennial favourite — misappropriation of government or corporate funds.
The sad fact is that there are opportunities aplenty to steal, cheat and deceive honest people, as well as the government and well-heeled corporations, of public funds and savings. Some types of fraud recur exasperatingly: scammers cheating retirees and the naïve of millions over the phone, by email, text message or voice deception. More than enough cautions and advisories have been issued.
They say a sucker is born every minute. Whoever came up with those harsh words to describe the human condition wasn't exaggerating.
Greedy evildoers craving for influence and power scheme all the time to defraud government and corporate funds. These criminals secure privileges that allow them access to huge repositories of funds, as well as access to financial accounts and highly confidential information.
Researchers have discovered an interesting rogue's gallery of guilty professions: lawyers, accountants, corporate vendors, financial advisers and even the clergy. But we would like to add another favourite: politicians and civil servants abusing their positions.
Unlike robberies, burglaries or muggings, which can be immediately reported and investigated, white collar crimes often go undetected for months or years.
The longer it goes unnoticed, the more these thieves lose their scruples and fear of consequences and become convinced of their invincibility. An ethical and value-driven culture, effective internal controls, stronger fraud risk assessments, more effective technology and cybersecurity measures may stop these shysters. But let's be brutally frank. Thieves will be thieves. Their plundering, once exposed, does not appear to deter these brazen crooks as they remain unfazed by society's preventive and punitive measures. The onus rests on the public to be more vigilant to avoid being yet another sorry statistic in the police files.