: Global analytics software firm FICO in its latest global consumer fraud research, revealed that 32 per cent of Malaysians are most concerned about being tricked into making payment to a criminal, which exposes individuals to instant, irrevocable losses rarely eligible for reimbursement.
Additionally, concerns about identity theft persist, with over 25 per cent of Malaysians citing it as their top financial crime concern in which this type of fraud carries additional risks beyond financial loss, such as compromised credit scores and the challenging process of restoring financial integrity.
Moreover, only seven per cent of Malaysian respondents reported their stolen identity being used to open a financial account, an increase from nearly six per cent in 2022. However, given Malaysia’s adult population, this seven per cent translates to over 1.6 million individuals.