November 17, 2021
Scam/Fraud

Resisting financial fraud in the digital age

KUALA LUMPUR (Oct 17): Losing money that you work hard for is a harrowing experience, especially when it is the last bit left in your account.

But what can we do about it? Are we a victim of fraud and should we be quiet about it?

Financial fraud has been on the rise since the digital boom and it has worsened since the country was ravaged by Covid-19.

Desperation for financial relief among the people and low levels of financial literacy have given scammers an opportunity to prey on victims, especially involving personal loans.

Low rates, regardless of your credit worthiness, are the main key selling points for scammers.

As people become desperate, they tend to lose confidence in their position and start to believe what is being said by scammers.

To make things worse, such scams were advertised legally on social media, hence, attracting many Malaysians who have little financial knowledge or nothing on what entails in the loan…

Read full article here: www.theedgemarkets.com