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Consumer Social Intelligence Report 2023
Payment Methods
Malaysia | 01 Aug 2023 - 30 Sept 2023
Customers experiencing difficulties with bank apps and digital wallets raised security concerns, prompting financial providers to highlight measures taken to safeguard customer data.
2.6k
Posts
This chart shows the number of posts from the main search query that mention specific payment methods and the % of conversations related to each method. Shares/RT are included.
Takeaways
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Payment Methods from August – September saw a 42% decrease in discussions compared to May – June. This could be explained by the lack of viral posts in August – September (some were during the previous period). These conversations were fragmented, with no prominent trends or widely shared content. Credit card payments drove nearly two-thirds of the discourse, led by customer complaints about bugs in banking apps and online access issues, which meant they could not access their accounts, including credit card transaction data. Some users questioned their security and reliability. The bank reassured customers that it had introduced new app versions to enhance security and that credit cards were "operating as usual".
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Some discussions touched upon the complexity of online banking for older people, who may struggle with password management, posing potential security risks. An IT expert explained the role of internet protection mechanisms such as SSL and HTTPS in safeguarding data privacy and preventing the compromise of login credentials and credit card information. SSL and HTTPS are encryption-based security protocols that facilitate the secure transfer of data.
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Consumers shared stories of individuals deceived into transferring money to scammers online. In one such scheme, a fraudster manipulated a pensioner into clicking a payment link. The victim was convinced they needed to transfer money, although the reason was unclear. Such scams were often facilitated via phone calls or messaging apps (such as WhatsApp).
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Various payment methods, such as credit cards and digital wallets, were briefly mentioned in connection with scams in which victims are coerced into divulging personal information or transferring funds. Suspected fraud was also discussed when customers noticed unauthorised transactions on their credit card statements.
Consumers take notice of warnings about scams which use a fake bank email or tourism app to request credit card info; they also share stories of online fraud targeting debit cards and digital wallets.
Trending/fading words and phrases – Payment Methods from August '23 - September '23
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This word cloud shows the most common words and phrases from the time period. The larger the word/phrase, the more often it appeared over time. Words/phrases on the left are "fading" (used less) and those on the right are "trending" (used more).
What People Are Saying
Consumer Social Intelligence Report 2023
Fraud Types
Malaysia | 01 Aug 2023 - 30 Sept 2023
Consumer discussions revolved around phishing phone calls, suspicious links and deceptive emails. Banks and social media users circulated guidance on recognising such attempts.
1.5k
Posts
Chart displays fraud risk types and their percentage of conversation in posts related to the main search query. Shares/RTs included.
Takeaways
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Discussion of Fraud Types decreased by 61% compared to May – June, primarily due to the absence of viral tweets, fewer major news stories, and less prominent mentions of the government's anti-fraud efforts. Nevertheless, both banks and consumers persisted in using social media to share victims' experiences and issue alerts, particularly related to sharing personal information with unknown callers.
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The primary topic of discussion revolved around identity theft and phishing. This was prompted by one bank's cautionary message about recognising fraudulent communications. Customers had been receiving emails that falsely claimed to be from the bank's technical department, threatening to lock their accounts unless they transferred funds. Additionally, another bank warned about a scam involving imposters posing as financial advisers on WhatsApp or Telegram, and these imposters were requesting money transfers.
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Stories of personal phishing experiences played a significant role, with a focus on deceptive phone calls. In one incident, a Twitter user received a call from an individual pretending to be a telco agent, promising three months of free mobile data and a bonus. Users in the replies section raised concerns about this call potentially being a scam. In another case, a Twitter user shared a phone scam encounter in which the victim was coerced into revealing their bank account information. The scammer then manipulated others into transferring money to the victim's bank account and convinced the initial victim to forward the received funds to the fraudster.
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Consumers also pointed out another prevalent phishing method where the scammer posed as a bank representative, alerting consumers about purported suspicious transactions in their accounts. They would then ask for the victims' account details, pretending to be working on a resolution [5]. In many instances, consumers reported that they recognised the scam and ended the call without falling victim to it. Another tactic employed by scammers involved sending counterfeit police letters via WhatsApp to inform recipients that they were suspects in a criminal case [6]. The scammers then pressured their victims to transfer funds, threatening arrest and freezing their accounts.
Consumer stories and news reports highlighted various scams, including phishing (involving suspicious links), phone scams and e-commerce scams.
Trending/fading words and phrases – Types of Scam from August '23 - September '23
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This word cloud shows the most common words and phrases from the time period. The larger the word/phrase, the more often it appeared over time. Words/phrases on the left are "fading" (used less) and those on the right are "trending" (used more).
What People Are Saying
Consumer Social Intelligence Report 2023
Fraud Prevention
Malaysia | 01 Aug 2023 - 30 Sept 2023
The government announced successes in tackling suspicious calls and messages, but some consumers have low confidence in data protection and fraud resolution measures.
0.6K
Posts
Chart shows consumer protection actions and % of related conversations. Shares/RTs included.
Takeaways
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Mentions of Fraud Prevention fell by half from May to June, with data privacy discussions dominating. This was driven by announcements of business innovations related to cybersecurity and data protection. Some public members expressed concerns about inadequate data protection practices, suggesting that when opening new bank accounts or purchasing SIM cards, customer data is sold to third parties, potentially facilitating scammers' access.
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Fraud response and resolution discussion centred on consumers sharing their experiences of online fraud and reporting incidents to a bank or the police. Some expressed disappointment with their bank‘s response, with one user claiming he was asked to pay an RM50 fee for the bank to investigate a suspicious transaction. However, others reported successful refunds. Consumers felt that their fraud cases were not being taken seriously, but they still believed that filing a report with the police was an important step.
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In consumer education and awareness, the Malaysian Minister praised the country‘s efforts to educate school children and young adults about online fraud. The minister also noted that 2 billion suspicious calls and 581 million SMS had been blocked with the assistance of telecom providers between January 2020 and April 2023 .
Consumers took an interest in a new data security feature for a digital wallet and practical tips for avoiding scams; news stories warned of emergent scam methods using AI and deep fakes.
Trending/fading words and phrases – Fraud Prevention from August '23 – September '23
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What People Are Saying
