KUALA LUMPUR: Petty traders, including Small and Medium-Sized Enterprises (SMEs), need to be aware of the online fraud perpetrated by syndicates due to various financial assistance offered by the government and banks to those affected by the Covid-19 pandemic.
The Association of Development Finance Institutions of Malaysia (Adfim) secretary-general Mohd Prasad Hanif said syndicates are taking advantage to deceive the group.
“Adfim advises small traders and SME entrepreneurs to adhere to the ‘3T’ practices, namely not to share the TAC (Transaction Authorisation Code); no third parties and contact the financial institution,” he said in a statement.
Banks according to him, will not ask for customer’s personal banking information such as TAC and PIN numbers or passwords for online banking.
He reminded them not to be hoodwinked by any parties or individual who claimed to be able to help get them a loan or manage a loan.
Instead, they are required to apply for funding directly from Adfim member banks or institutions or through the ImSME platform at www.imsme.com.my.
The platform is Malaysia’s first financing or loan reference launched in February 2018.
It is owned and managed by Credit Guarantee Corporation Malaysia Bhd and supported by Bank Negara Malaysia as well as the banks involved.
“Remember, there is no third party involved to help you apply for a loan with the bank,” said Mohd Prasad, adding that the advice followed reports of syndicates offering cash loans via phone calls or various social media applications such as Facebook, WhatsApp and email.
The association also detected syndicates claiming to be representatives or intermediaries to manage loan applications as well as assistance from the government and financial institutions.
Mohd Prasad said many were easily fooled by the fraud after receiving phone calls from syndicate members who impersonated as law enforcement or bank officials.
“You can simply ignore it if you receive such a call. You can also contact the bank’s telephone number on the official financial institution’s website or www.adfim.com.my or call BNMTELELINK at 1-300-88-5465 Continue,” he explained. – Bernama
