KUALA LUMPUR, Jan 13 2017 : There are still many people in Malaysia who believe in and are falling victims to financial frauds even though various information, as well as their modus operandi have been disseminated, said Second Finance Minister Datuk Johari Abdul Ghani.
He said statistics by Bank Negara Malaysia (BNM) showed that there was more than 50 per cent rise in financial fraud cases last year including those involving fake credit cards.
“Out of this, telephone scams recorded the highest percentage at 70 per cent which doubled the previous year,” he said in his speech when officiating at the Financial Carnival 2017 organised by BNM with the cooperation of several financial institutions here, today.
He said the level of financial literacy and financial management ability among the people as stressed by the government was one of the main strategies in financial education.
“Among the latest initiatives is the establishment of the Financial Education Network in November 2016 to coordinate and drive the national financial education strategy.
“This effort will mobilise closer cooperation among related agencies such as BNM, the Securities Commission Malaysia, Malaysia Deposit Insurance Corporation and Counselling Agency to coordinate the financial literacy initiatives among the people,” he added.
Johari also wanted the consumerism practices to be strengthened considering it would enable the financial providers to continuously focus on consumer interests and rights.
“Consumers who have strong basic consumerism knowledge will be able to defend their rights if the financial services providers sign unfair or lopsided agreements,” he said.
The three-day Financial Carnival 2017 themed ‘Your Financial Needs Matters’ beginning today also witnessed the presentation of awards to financial institutions.
Among them are ‘Best Financial Inclusion Award’ won by Bank Simpanan Nasional, ‘Best Innovation Award’ bagged by Malayan Banking Bhd and ‘Best Financial Education and Awareness Award’ which was presented to Prudential Assurance Malaysia Bhd. – Bernama