The Labuan Financial Services Authority (Labuan FSA) continues showing its commitment to enhancing financial literacy among Labuan residents through its annual corporate social responsibility (CSR) programme, the Labuan Financial Carnival.
The two-day event from Sept 23-24 at the Financial Park Complex aims to equip Labuan citizens with the knowledge and skills needed to safeguard their financial well-being in an increasingly complex and dangerous online landscape.
Labuan FSA Director-General Nik Mohamed Din Nik Musa said through education and awareness, the growing threat of online financial fraud could be minimised.
“The financial carnival is an effort to combat the rising tide of online financial fraud. This initiative seeks to elevate the level of financial literacy among Labuan residents, empowering them with the knowledge to navigate the financial system and guard against the increasing prevalence of online scams,” he said at the Labuan Financial Carnival on Sunday.
Recapping the Royal Malaysian Police’s report, he said online fraud continues to surge, with scammers targeting public servants and retirees who often possess stable finances.
“Victims frequently fall prey to deceptive tactics such as false promises of money loans and non-existent investments…and in recent years, the number of government pensioners victimised by fraud has escalated dramatically.
“Startlingly, a staggering 22,000 government pensioners have already fallen victim to scams, resulting in losses totalling RM850 million,” Nik Mohamed Din said.
He said the Securities Commission of Malaysia also reported a significant increase in online fraud cases.
“From 2020 to 2022, fraud-related complaints spiked by 100 per cent, soaring from 548 complaints in 2020 to 1,124 complaints in 2022, with total losses reaching tens of millions of Malaysian Ringgit.
“Bank Negara Malaysia also disclosed that the National Fraud Response Centre (NSRC) handled 15,723 cases with total losses amounting to RM141.47 million from October 2022 to June 2023,” he said.
Nik Mohamed Din said recognising the urgency of addressing these alarming trends, the financial carnival aims to boost awareness about the critical importance of financial education among the local community.
“This year’s carnival has garnered significant interest, with over ten participating agencies setting up booths, including Bank Negara Malaysia, Credit Counseling and Management Agency (AKPK), Employees Provident Fund (EPF), Labuan International School (LIS), Retirement Fund (KWAP), Social Security Organization (SOCSO), Global Art, Financial Park Labuan (FPL), Labuan Corporation (PL), National Accountant Department, and Labuan Financial Services Authority (Labuan FSA).
Source: BERNAMA News Agency