Duit Raya is a traditional gift of money given during Hari Raya Aidilfitri. Most of the generous givers and recipients have shifted this tradition into various cashless method, especially since the introduction of the first eWallet platform here in 2017.
According to a report, there are currently 43 eWallet operators in the Malaysia. Over half of the Malaysian population is now using cash-less payment on daily basis. The data also further shows that the value of electronic money transactions in Malaysia reached nearly RM70 billion in 2022, an increase of about RM20 billion from 2021.
This adoption is seen to continue. Digital payments here are expected to hit almost $200 billion in gross transaction value by 2025.
Cybercriminals have a knack in smelling the latest trends. As usage of e-wallets and online financial transaction formats continue its uptick, losses from financial scams based on the calls made to the National Scam Response Centre (NSRC) from October 2022 to January this year was at a whopping RM39 million.
According to Kaspersky’s Managing Director for Asia Pacific, Chris Connell, convenience in electronic money is a double-edged sword. As in one hand, it allows the money to be moved and transferred in an instant, the money could go somewhere unintended at lightning speed when preyed on by malicious actors online.
“In our Spam and Phishing 2022 report, Malaysia is ranked tenth globally in terms of being by phishers and scammers. Scams promising compensation and payouts from government agencies, large corporations and banks are likely to remain popular among cybercriminals this year. With the Raya Aidilfitri festivities more financial transactions is set to take place across all economic groups, hence we urge the public to be even more vigilant against suspicious messages and e-mail, which could potentially be phishing scams,” says Connell.
“Our experts have reported that cybercriminals do not immediately move on to the phishing attack, but only after several introductory messages or emails where the victims are actively corresponding with the cybercriminal. More sophisticated and believable phishing techniques will come, so mobile security solution is a must to have as a safety net against these costly attacks,” he adds.
To hand out Duit Raya safely, Kaspersky has the following tips:
- Only send money to the people you know and trust
- Always use a strong password or a passcode that cannot easily be guessed or found
- Link a credit card instead of a debit card to your e-Wallet accounts. Disputes are easier to settle if a malicious transaction involves a credit card
- Have an additional security layer by using a separate credit card meant only for spending via e-Wallets
- Be sure to keep your smartphone updated
- Install a solid security app on your smartphone
- Activate two-factor authentication
Upon receiving the Duit Raya on your e-Wallet, Kaspersky has the following advice:
- Lock your phone, with the security options it offers, and do the same for your e-Wallet and other important apps that contain your private data. Some of the e-Wallet apps already come with additional security features, so do activate them.
- When in doubt and in need of assurance of extra security features, install a trusted security app. The security app will further protect the data on your phone and provide you with location services in case your phone gets lost or stolen. It is important to remotely delete information on your phone if cannot retrieve it back.
- Monitor your e-Wallet, credit card and bank account activities. If you see a suspicious charge, you need to contact the relevant bank immediately and lock your accounts.