Nearly RM3 Billion Lost To Scams, And 10 Seconds Is All It Takes

Malaysians lost nearly RM3 billion to online scams last year, with Selangor recording the highest losses, as Bank Negara Governor (BNM) Datuk Seri Abdul Rasheed Ghaffour urged verification through official channels before any transfer.

The Rakyat Post Fernando Fong · News & blogs · 11 hr ago

Key points

He used a 10-second window as an example, saying a payment or transfer can now be completed in that time.
Scammers exploit this gap by creating panic, fear or excitement so that victims act before they think carefully.
Scammers often cite personal details and impersonate banks or government agencies to lower victims’ guard.

Sentences selected automatically from the original article by The Rakyat Post.

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Malaysians lost nearly RM3 billion to online scams last year, with Selangor recording the highest losses of any state, Bank Negara Malaysia (BNM) Governor Datuk Seri Abdul Rasheed Ghaffour said on Saturday (24 Oct).

Abdul Rasheed made the remarks at the opening of the 2026 Selangor Financial Literacy Carnival.

He said digital banking has made payments easier, but people now have less time to make financial decisions.

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Published: October 26, 2026 at 7:37 AM UTC
By: Fernando Fong
Section: Malaysia
Format: Article
Original: therakyatpost.com ↗

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The Rakyat Post Nearly RM3 Billion Lost To Scams, And 10 Seconds Is All It Takes (this story)

Nearly RM3 Billion Lost To Scams, And 10 Seconds Is All It Takes

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