KUALA LUMPUR: Businesses should implement comprehensive fraud prevention measures, especially in the face of increasingly sophisticated financial crime, said Bursa Malaysia Bhd chairman Tan Sri Abdul Wahid Omar.
He emphasised that perpetrators of such crimes operate across borders and exploit the means of globalisation and technology to their interest and at the same time, break laws within countries and across borders.
"The increasingly transnational nature of financial crime means funds from such illegal activities can travel through more complex structures much further and faster and makes it difficult to trace," he said in his keynote address at Kenanga Investment Bank's annual sixth Fraud Awareness Week (FAW) today.
He added that increasing interest and demand for online transactions arising from the COVID-19 pandemic has further exacerbated the intensity of cybercrimes involving new technologies which have led to the current and emerging threats that were unheard of a decade ago.
This year's virtually-held FAW is themed "Reaffirming Ethical and Moral Resilience for Good Governance", and it is intended to reaffirm Kenanga's commitment and belief in the relevance of ethical and moral values in developing effective governance while shaping corporate culture within the current evolving regulatory context.
Citing a report by the police, Abdul Wahid said Malaysians lost RM2.23 billion due to cybercrimes between 2017 and July 2021.
Over 20,000 separate cases had been recorded in 2021 alone, with losses totalling RM560 million, and more than 11,000 cases of cybercrimes were reported in Malaysia from January to July 2022.
He also stated that the likelihood of fraud may increase as globalisation develops, markets get more competitive, and technical advances and periods accelerate.
Echoing the sentiment, Kenanga chairman Tan Sri Syed Zainol Anwar Jamalullail said as more people embrace digital transactions, more opportunities for fraudsters are created, increasing the risks of the digital fraud process.
"It is critical for businesses to ensure the safety and security of the digital platform in order to gain public confidence," he said in his keynote address.
Syed Zainol stressed that businesses should adopt prudent and safe management systems for their platforms, as this would help to build public trust, which would in turn promote wider acceptance by the public or digital platforms.
He also noted the importance of educating the public about new and emerging fraud dangers.
"Although businesses are expected to update and upgrade security measures, this is simply not enough to prevent all financial fraud.
"Reminders and increased awareness will not only reinforce the need for constant vigilance from all parties but will also create an environment where everyone is risk-conscious and responsible in protecting the interests of each other," he said.
-- BERNAMA
Bernama
Mon Nov 14 2022
Businesses should implement comprehensive fraud prevention measures, especially in the face of increasingly sophisticated financial crime, said Bursa Malaysia Bhd chairman Tan Sri Abdul Wahid Omar. - BERNAMA/Filepic
Niaga AWANI: Kadar inflasi di Argentina melonjak hampir 290 peratus
Kadar inflasi tahunan di Argentina meningkat kepada 289.4 peratus harga di negara tersebut meningkat 8.8 peratus pada April.
#NiagaAWANI
#NiagaAWANI
Niaga AWANI: Rumah bawah RM300 ribu paling banyak dilancar pada suku pertama
Harga kediaman baharu di bawah RM300 ribu catat peningkatan pada suku pertama 2024 apabila merekodkan jumlah paling banyak dilancarkan.
#NiagaAWANI
#NiagaAWANI
Niaga AWANI: Syarikat gergasi EV dari China lancar model baharu di Mexico
Pengeluar kenderaan jenama BYD dari China berkata, syarikat itu tidak pernah mengintai peluang memperluaskan pasarannya ke Amerika Syarikat. Ia dibuktikan apabila syarikat itu melancarkan Shark, sebuah trak pikap elektrik hibrid bersaiz sederhana, di Mexico.
#NiagaAWANI
#NiagaAWANI
Rusia sasar untuk jadi antara empat ekonomi terbesar dunia - Putin
Matlamat itu ditekankan Putin dalam ucapannya di Perhimpunan Persekutuan Rusia pada Februari 2024.
Penyiapan HSR Singapura-KL antara tugas Perdana Menteri baharu Lawrence Wong
Wong dijangka mengutamakan perjanjian dan inisiatif sedia ada serta melonjakkannya ke tahap lebih tinggi seperti pembangunan JS-SEZ.
Jemaah Menteri Malaysia rakam ucapan tahniah kepada Lawrence Wong
Menteri Komunikasi, Fahmi Fadzil, berkata ucapan itu antara intipati mesyuarat Kabinet dipengerusikan Timbalan Perdana Menteri, Datuk Seri Dr Ahmad Zahid Hamidi, di Putrajaya pada Rabu.
Fahmi kecam tindakan Meta turunkan posting Anwar jumpa Hamas
Menterinya, Fahmi Fadzil berkata, dua media melaporkan perkara itu kepada kementeriannya, dengan Meta memberi alasan status itu berkaitan sebuah organisasi yang Meta anggap berbahaya.
[TERKINI] Konsortium umum tawaran bersyarat bagi MAHB
Gateway Development Alliance dan para pemegang sahamnya (secara bersama dikenali sebagai Konsortium) mengumumkan tawaran sukarela prasyarat bagi mengambil alih semua saham dalam Malaysia Airports Holdings Berhad (MAHB) yang belum dimiliki konsortium itu, pada harga tawaran sebanyak RM11.00 bagi setiap saham.
Konsortium diterajui Khazanah, KWSP umum tawaran bersyarat bagi MAHB
Gateway Development Alliance dan para pemegang sahamnya (secara bersama dikenali sebagai konsortium) mengumumkan tawaran sukarela prasyarat bagi mengambil alih semua saham dalam MAHB.
Astro tawar 51 perlawanan UEFA EURO 2024 HD di SPOTV Stadia, SPOTV2
Semua pelanggan Astro Sports Pack akan mendapat akses percuma sehingga ke perlawanan akhir pertandingan tersebut
Penguasaan korporat Bumiputera di Bursa Malaysia hanya 7 peratus - Abdul Wahid
Penguasaan korporat Bumiputera dalam kalangan syarikat tersenarai awam, Public Listed Company (PLC) setakat tahun 2022 hanyalah 7 peratus.
Kerajaan gesa kepada lebih banyak penglibatan belia bagi bentuk agenda ESG Malaysia
Hanifah berkata, belia perlu bersuara dalam pembangunan inisiatif kemampanan dan menjadi sebahagian daripada agenda hijau.
Bank perlu senaraikan anak syarikat perbankan Islam - Bursa Malaysia
Bursa Malaysia Bhd menggalakkan institusi kewangan supaya mula meneroka kemungkinan menyenaraikan anak syarikat perbankan Islam masing-masing walaupun menghadapi cabaran instrumen ekuiti patuh syariah
WEF iktiraf usaha peralihan tenaga Malaysia sebagai terbaik di Asia Tenggara - Abdul Wahid
WEF mengiktiraf kemajuan dan rancangan Malaysia untuk memastikan peralihan tenaga dilaksanakan tepat pada masanya dan bersesuaian.
Wujudkan budaya beramanah untuk program pemberi maklumat yang efektif - Wahid Omar
Mewujudkan persekitaran yang beramanah secara dalaman dan luaran adalah penting untuk organisasi bagi memastikan program pemberi maklumat atau 'whistleblower' yang efektif.
Belanjawan 2023: Sektor korporat ceria tanpa Cukai Makmur - Wahid Omar
Ketiadaan Cukai Makmur yang berpotensi mengurangkan lima hingga enam peratus daripada pendapatan saham-saham komponen FBM KLCI 2023, memberikan kelegaan besar kepada sektor korporat.
Bursa Malaysia lancar BCX, dagangan karbon patuh syariah pertama
Bursa Malaysia Berhad hari melancarkan Bursa Carbon Exchange (BCX) bagi Pasaran Karbon Sukarela (VCM) yang mematuhi syariah, pertama seumpamanya di dunia.
Ketiadaan cukai makmur jadi petanda baik bagi pasaran modal - Bursa Malaysia
Ia berpotensi mengurangkan unjuran EPS 2023 bagi FTSE Bursa Malaysia KLCI sebanyak lima hingga enam peratus.
Malaysia dijangka tidak alami kemelesetan, disokong kepelbagaian ekonomi - Abdul Wahid
Ekonomi Malaysia kurang bergantung kepada komoditi, selain mengamalkan dasar pragmatik dan responsif.
Aliran masuk tunai bersih pasaran ekuiti catat RM6.3 bilion setakat Julai - Abdul Wahid
Pasaran modal domestik kekal teratur dengan pasaran ekuiti mencatat aliran masuk tunai bersih sebanyak RM6.3 bilion setakat Julai lepas biarpun dalam keadaan tidak menentu kebelakangan ini.