Duit Raya, a traditional gift of money during Hari Raya Aidilfitri, has evolved with the times. Since the introduction of the first eWallet platform in Malaysia in 2017, many generous givers and recipients have switched to various cashless methods. Today, over half of the Malaysian population is using cashless payment methods daily, and there are currently 43 eWallet operators in the country. In 2022, the value of electronic money transactions in Malaysia reached nearly RM70 billion, an increase of RM20 billion from the previous year. The adoption of digital payments is expected to continue, with the gross transaction value projected to hit almost $200 billion by 2025.
However, cybercriminals have taken notice of this trend and are exploiting it. From October 2022 to January 2023, losses from financial scams based on calls made to the National Scam Response Centre (NSRC) amounted to RM39 million. According to Kaspersky’s Managing Director for Asia Pacific, Chris Connell, while electronic money offers convenience, it is also a double-edged sword, making it vulnerable to cybercriminals. Malaysia ranks tenth globally in terms of being targeted by phishers and scammers, and scams promising compensation and payouts from government agencies, large corporations, and banks are likely to remain popular among cybercriminals this year.
To hand out Duit Raya safely, Kaspersky recommends several tips, including sending money only to people you know and trust, using a strong password or passcode, linking a credit card instead of a debit card to eWallet accounts, using a separate credit card only for spending via eWallets, keeping your smartphone updated, and installing a solid security app on your smartphone. Two-factor authentication should also be activated.
Upon receiving Duit Raya on your eWallet, Kaspersky advises locking your phone and eWallet, activating security features on your eWallet app, installing a trusted security app, monitoring your eWallet, credit card, and bank account activities, and reporting suspicious charges to the relevant bank immediately.
In conclusion, while cashless methods such as eWallets have made it easier to give and receive Duit Raya, it is crucial to be vigilant and take the necessary precautions to protect against cybercrime.
19 April 2023
