Protect Your Finances! Watch Out for These Common Scams

Beware of Advertisement Scams targeting social media users! Victims are lured by enticing ads (such as a new gaming app, dubious TV streaming sites, maid services, and more) leading them to chat via messaging apps to make a purchase.

Here's where it gets tricky – to proceed, victims are then asked to download an APK (Android Package Kit) onto their mobile phones, granting all permission without a second thought.

As the unsuspecting victims input their banking credentials on what appears to be a legitimate payment website, something sinister happens. An error message pops up on the fake payment site, causing confusion.

Little do victims know that in the background, their hard-earned funds are silently being siphoned into a third party's account. It's a sophisticated ruse, leaving victims duped and their finances compromised.

Stay protected when browsing your social media with these tips:

• Purchase goods from authorised shopping platforms only
  
  
• Avoid downloading untrusted applications (APK) on your device
  
  
• Never share details such as your card number / User ID / PIN / password / TAC with anyone or input them in any website or platform other than your official banking website or apps. 

From fake loan offers to false unpaid debts, scammers also use various narratives to swindle you over the phone. Sometimes, scammers may even pose as an authority figure to amplify their threats.

Here are common call scam tactics to be wary of:

• Fake Loan Scams: Unsolicited offers of loans that are too good to be true, especially those requiring upfront fees or personal information.
  
  
• Unsolicited Debt Calls: Random calls claiming you have unpaid loans (that you did not sign up for) to induce unnecessary panic.
  
  
• LHDN Scam Calls: Fraudulent calls from a scammer pretending to be from Malaysia's Inland Revenue Board, demanding payment for non-existent debts.

Be mindful of the following red flags:

• Callers who claim that they are representing a certain entity, but use mobile numbers instead of official ones.
  
  
• The use of an "operator" or automated voice system emphasising unpaid loans or debts.
  
  
• Rushing you into making decisions regarding payments on the spot.
  

Adopting good online hygiene practices and staying vigilant are integral to ensure you remain protected as well as your funds. While these scams may seem daunting, understanding how they work and being cautious can go a long way toward safeguarding your hard-earned money.

At CIMB, we aren’t just dedicated to offering banking solutions but also to ensuring that our customers have the knowledge and resources to safeguard themselves against potential threats.

For a comprehensive resource to help you protect yourself from fraud and scams, visit our CIMB Security & Fraud Awareness page.

For further insights on effectively managing your finances, explore the array of guides, tips, and financial advice we've compiled in our Life Goals section, specifically tailored to help you meet your financial aspirations.