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Recently more and more people have been falling victim to financial scams. Stories of people losing their entire life savings to fraudsters have been a repeated topic in the local news. With scams becoming increasingly common, many are wondering what they should do immediately if they became a victim of a scam. What can they do to better protect themselves and their finances?

What to Do If You’ve Been Scammed?

As the way we conduct business and banking is changing from in-person to digital, scammers are also adapting by coming up with new schemes to get at your hard-earned money.


If you think you’ve been scammed, the first thing you need to do is identify: What information have I given to the scammer?


  • Private information is being exposed


Immediately contact your bank as well as the authorities  if you accidentally gave your private info to unreliable sources/individuals. You may also temporarily suspend your account and request a new card to avoid any potential unknown transactions.


  • Suspicious transactions


If you see a suspicious transaction made from your bank account, contact your bank immediately. With your accounts and cards frozen, scammers won't be able to access them. Also, immediately change your account passwords to further protect yourself. You can also contact the National Scam Response Centre (NSRC) at 997* if you have fallen victim to an online financial scam. 

How to Protect Your Finances?

Now that you know what you should do if you have fallen victim to a scam..., you must be wondering: What else can I do to safeguard my finances? Fortunately, there are a number of ways to protect yourself against these fraudsters such as:


  • Install an antivirus software


With the rise of online banking, it is of utmost importance to maintain up-to-date antivirus software on your computer. Installing anti-virus software gives you a better chance of detecting malicious software to keep hackers from stealing your information. Also, check and make sure that your subscription is current so that you receive all the latest updates! 


  • Keep your password private


You should never share sensitive personal information or passwords with anyone, even if they are someone you trust. Sharing such information makes you and your finances vulnerable to criminals. Never give access to your personal accounts or information which may be subject to the risk of being compromised by those with malicious intent.


  • Download legitimate apps


Only download legitimate, official applications from the official App stores, especially for banking or payment platforms to avoid bank scams. Also, do not allow third-party apps to access your personal data including your location, camera, and microphone.


  • Activate two-factor authentication


One of the methods most people and companies are using to protect their data is two-factor authentication. This means you will receive a secondary prompt such as an email, phone call, text, or push notification when trying to access your account on another device.



To lessen the chance of becoming a scam victim, beware of suspicious messages and emails. Always be alert to the latest criminal tactics. Visit CIMB’s website to learn more about how you and your finances can be protected from scams.  



This article is brought to you by CIMB as part of our ongoing efforts to raise the level of financial literacy among Malaysians. Financial knowledge and understanding are key to making well-informed and meaningful financial decisions towards positively improving welfare and well-being of communities. This is one of our many efforts to achieve CIMB’s purpose of advancing customers and society.