One of our colleagues was scammed last week. He received a phone call from a lady claiming that she wrongly set her phone number for online banking to his & requested our colleague to read TAC number to her. Without much thought about it, he gave the TAC number. He later found out his 1-month salary was gone!

In conjunction with what happened, we thought it’s a must to bring awareness about the many types of banking scams out there. They don’t only happen to individuals, but also companies and organizations. Here are the major scam operations that are happening in the region currently.

1) Macau Scam

It’s unsure why the crime is named after Macau, but it is believed that the scam originated in there or the first victims were from Macau. The Macau Scam has been a major criminal concern in Malaysia and tens of billions of dollars have been lost to the syndicate. Here are 4 strategies that they commonly use:

  • Lucky Draw

You may receive a phone call claiming you’ve won millions of dollars from Hong Kong or Macau companies. You will be asked to contact a number, then pay for tax and insurance to claim the prize. Well, of course after that, you actually won’t receive anything.

  • Spoofing (Accuse of Illegal Activities)

Spoofing is a technique where the caller uses a Voice Over Internet Protocol (VoIP) to appear like they are calling from a trusted local number. They may claim to be calling from the magistrate court or the police department and accused you to be involved in illegal activities. They will request you to transfer some money to avoid your account to be frozen.

  • Spoofing (Fail Payments)

Another spoofing strategy is they will call you as a bank officer and claim that you fail to make your credit card payment. You will be directed to contact someone, allegedly from Bank Negara Malaysia (BNM), to avoid being blacklisted or having your bank account frozen. Eventually, you will be asked to transfer money through e-banking or ATM.

Other than credit cards, they also apply this tactic to any other loaning scheme.

  • Kidnapping

The scammer will claim that they have your child or family member kidnapped, and ask for ransom money to be transferred into a third-party account. Check your family member first because the kidnapping never happened.

2) Old Coin Buyer

If you have social media, you must’ve come across offers for old notes and coins collectors. Do not waste your time to entertain it. Read more about it here.

3) One Ring Scam

This scam is happening globally, tracing back from Japan. Quite a number of people has been affected by it. So this is how it goes:

You may receive a phone call from an international number, with one or two rings only. You will be tempted to call back, where you will listen to a taped message and then they will charge you a big fee.

4) The “Friend” Scam

There’s a latest scam out there where scammers pretend to be your close friend or family to get your authorization code. Read more about this e-wallet scam story here.

What to do if this ever happens to you:

  1. Don’t panic
  2. Get the real institution/company/bank number and check with them
  3. Never give away your pin, TAC, card or account number.
  4. Visit the Bank Negara Malaysia official website to obtain the latest information and advice on financial fraud schemes.
  5. Lodge a police report for further action