Urgent need to implement comprehensive fraud prevention measures – Wahid Omar

KUALA LUMPUR: Businesses should implement comprehensive fraud prevention measures, especially in the face of increasingly sophisticated financial crime, said Bursa Malaysia Bhd President Tan Sri Abdul Wahid Omar.

He pointed out that the perpetrators of such crimes operate across borders and exploit the means of globalization and technology for their own gain while breaking laws within countries and across borders.

“The increasingly transnational nature of financial crime means that funds from these illegal activities can travel through more complex structures much further and faster and make them difficult to trace,” he said in his keynote address at Kenanga Investment Bank’s Sixth Annual Fraud Awareness Week (FAW). today.

He added that the growing interest and demand for online transactions resulting from the COVID-19 pandemic has further exacerbated the intensity of cybercrimes involving new technologies that have led to current and emerging threats that were unknown a while ago. ten years.

This year’s virtual FAW is themed “Reaffirming Ethical and Moral Resilience for Good Governance”, and it aims to reaffirm Kenanga’s commitment and belief in the relevance of ethical and moral values ​​in the development of good governance. efficient while shaping the corporate culture within the framework of current regulatory developments. the context.

Citing a police report, Abdul Wahid said Malaysians lost RM2.23 billion due to cyber crimes between 2017 and July 2021.

Over 20,000 separate cases were recorded in 2021 alone, with losses totaling RM560 million, and over 11,000 cybercrime cases were reported in Malaysia from January to July 2022.

He also said that the likelihood of fraud may increase as globalization expands, markets become more competitive, and technical advancements and times accelerate.

Echoing this sentiment, Kenanga Chairman Tan Sri Syed Zainol Anwar Jamalullail said that as more people embrace digital transactions, more opportunities for fraudsters are created, increasing the risks of the digital fraud process.

“It is essential that companies ensure the safety and security of the digital platform in order to gain public trust,” he said in his opening speech.

Syed Zainol stressed that companies should adopt careful and safe management systems for their platforms, as this would help build public trust, which in turn would promote wider acceptance by the public or digital platforms.

He also stressed the importance of educating the public about new and emerging fraud dangers.

“While companies are expected to update and improve security measures, this is simply not enough to prevent financial fraud.

“The recalls and increased awareness will not only reinforce the need for constant vigilance by all parties, but also create an environment where everyone is aware of the risks and responsible for protecting the interests of the other,” said he declared. – Bernama

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