PUTRAJAYA, Dec 28 — Malaysians need to equip themselves with financial literacy in order to stop them from being victims of online scams including “love scams”, said Deputy Prime Minister Datuk Seri Dr Wan Azizah Wan Ismail.
“We have lonely society now. Most of those who fell victim of the ‘love scam’ are women.
“There are also men who fell victim but most of them did not report it, maybe because they felt embarrased,” she said in her address before launching Putrajaya Literacy in Financial Technology (LIFT) festival at the Perkeso Putrajaya tower here today.
Love scam or catfishing is when online dating scammers “chat” with a person and establish their trust before offering their victims a lucrative business deal that would require a large upfront investment.
Some scammers may also communicate with their victims over a period of weeks or months, before suddenly having an emergency that requires financial help.
Dr Wan Azizah said that the government would like to ensure that Malaysian who are using online financial services in their live as there are now vast leap on what ones could do with their money online
She said among the risks of using financial technology or fintech online are the risk of being out of control debt with the ability to buy things beyond affordability due to easy access to credit and virtual stores; Misuse of user information by unscrupulous parties with access to user information; as well as financial and social scams.
“For this, the financial literacy and skill are very important because it would act as the first line of defence from the market injustice.
The Putrajaya LIFT Festival is hosted by the Finance Ministry in collaboration with Bank Negara Malaysia (BNM) will feature art performances, seminars, workshops, exhibitions, and even a themed marketplace for visitors.
It will be held at three locations within Precinct 2, Putrajaya — Menara Perkeso, Bangunan Suasana PjH, and the Finance Ministry Complex — inside a “village-like” site that includes both outdoor and indoor areas.
