Tag Archives: BNM

Bank Letter QR Code Scam : What You Need To Know!

Are scammers sending bank letters with a QR code that can steal your money?!

Take a look at the viral claim, and find out what the facts really are!

 

Claim : Bank Letter With QR Code Is A Scam!

People are sharing a photo of a letter from a bank, claiming that the QR code in the letter can steal your money if you scan it with your phone!

Circulating In WhatsApp : If you get a letter from the bank like this and ask to update the book using the QR CODE provided in the letter that was sent, don’t ever scan it, you will lose all your daily savings or old age savings, this is another scammer’s work and method take your money, please spread it to everyone so that siblings, relatives, neighbors & family members are not affected by this kind of scam…

Peng Seong, the one : ⛔️ Another Scam ‼️

Do NOT scan the QR code per the letter even with bank’s letterhead without verifying with the bank

Recommended : WhatsApp Block Button Scam : What You Need To Know!

 

Truth : Bank Letter With QR Code Is Not A Scam!

This is likely another example of FAKE NEWS circulating on WhatsApp and social media platforms, and here are reasons why…

Fact #1 : This Is Old Fake News

First, let me just point out that this photo is not new. It first went viral, with a voice message in August 2022, and has subsequently gone viral on and off over the last year or so.

Fact #2 : CIMB Letter Was Genuine

The letter, which was sent by CIMB, is genuine. CIMB even posted a reply to one viral tweet, that the letter was genuine:

FYI, this [letter] is genuinely from our bank. You can refer to the link below for more information: [link no longer available]

[U]ntuk makluman, ia adalah sah dari pihak kami. Anda boleh rujuk pautan di bawah bagi maklumat lanjut: [link no longer available]

Fact #3 : CIMB Letter Was Only Sent To Business Customers

The letter was not meant for consumers, and was only sent to CIMB business customers, to request that they update their company/organisation’s information.

Re: Update on your records to improve your banking experience

We refer to the above mattes and our letter dated 27/06/2022.

We note that you have vet to update your company/organisations information with us.

As part of the Bank’s ongoing process to know our customers better and provide a seamless banking experience, we would like to remind you to return the completed Customer Information Update form to us

This letter appears to be CIMB’s efforts to comply with KYC (Know Your Customer) requirements set out by regulators like Bank Negara Malaysia (BNM).

Recommended : Can StopNCII Remove All Nude / Deep Fake Photos?!

Fact #4 : QR Code Leads To CIMB Website

QR codes is a type of barcode, which allows people and companies to share / deliver information, that can include links. QR codes can lead you to malicious websites, but they cannot deliver malware, or hack your computer or smartphone.

The QR code in the CIMB bank letter isn’t malicious. It actually codes for a link to the CIMB website. You can verify it by simply scanning the QR code in that “CIMB scam letter”. You will see that it only leads to http://www.cimb.com.my/bizupdate [which no longer exists]

Ultimately, this viral warning was likely created by well-meaning but clueless Internet “experts” who are apparently not tech-savvy enough to even verify the QR code by simply scanning it!

Fact #5 : Form Was To Be Emailed / Delivered

The CIMB letter asked its business customers to download and fill in a form. However, that form was not to be submitted online.

Rather, the letter specifically asked its business customers to email the completed form to a legitimate CIMB email address, or to physically mail or courier it to the bank itself.

Scan the QR Code below to download the form. Once you have completed the form, please submit by email to cimb_updates@cimb.com or mail/courier to the address below within 21 days from the date of this letter, failing which, the Bank reserves the right to suspend or close the account in accordance with the account terms and conditions.

In a real scam, you will be asked to taken to a fake CIMB bank website, and asked to logged into your bank account. That’s how the scammer gets hold of your bank login credentials.

However, even that scam won’t work without access to your TAC (Transaction Authorisation Code), which is sent to your phone by SMS, or authenticated through the bank’s mobile app.

For certain, scammers cannot log into your bank account by simply gaining your company’s information through a form, unless you actually include your company’s bank account login details!

Please help us FIGHT FAKE NEWS by sharing this fact check article out, and please SUPPORT our work!

 

Please Support My Work!

Support my work through a bank transfer /  PayPal / credit card!

Name : Adrian Wong
Bank Transfer : CIMB 7064555917 (Swift Code : CIBBMYKL)
Credit Card / Paypal : https://paypal.me/techarp

Dr. Adrian Wong has been writing about tech and science since 1997, even publishing a book with Prentice Hall called Breaking Through The BIOS Barrier (ISBN 978-0131455368) while in medical school.

He continues to devote countless hours every day writing about tech, medicine and science, in his pursuit of facts in a post-truth world.

 

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Wedding Invitation Scam : Don’t Install APK File!

Please watch out for the wedding invitation scam, and find out why you should NEVER install any APK file from strangers!

Find out what’s going on, and warn your family and friends!

 

Wedding Invitation Scam Gone Viral!

A new scam has gone viral on social media in Malaysia – the wedding invitation scam. In this scam, scammers contact their victims on WhatsApp, pretending to send them an APK file as a wedding invitation!

Here is the Malay version of the scam messages, and their English translations.

Dengan rasa kesyukuran, Menjemput Tuan ZAITON OTHMAN Ke Majlis Perkawinan Anak Kami
Sila Klik instal Apk untuk dapatkan kad kahwin digital kami ⬇️⬇️
Sila klik instal nampak kad kahwin digital kami 🙏, agar nak tau Siapa 😀

With gratitude, Inviting Mr. Zaiton Othman to our Son’s Wedding
Please click install Apk to get our digital wedding card ⬇️⬇️
Please click install to see our digital wedding card 🙏, to know who this is 😀

Recommended : How To Block Facebook Ads + Pay Scammers!

 

Wedding Invitation Scam : Don’t Install APK File!

This is yet another example of a Mobile Application Scam, and here are the reasons why…

Fact #1 : APK Is Android Installation File

First, it is important to know that APK files are not used to deliver wedding invitations, or photos and videos.

Short for Android Package Kit, an APK file is used to install software in Android devices. Think of it as the Android equivalent of an EXE installation file for Windows software.

Fact #2 : You Should Never Install APK File, Unless You’re An Expert

APK files, by definition, are merely installation files for Android devices. They can be used for legitimate purposes, as well as nefarious purposes.

However, legitimate Android apps are mostly delivered through proper mobile app platforms like Google Play Store and the HUAWEI App Gallery, where they are often scanned for malware before people are allowed to download and install.

Therefore, you should never download and install an APK file outside of legitimate mobile app platforms, unless you are an expert who needs to “sideload” an APK for a specific reason.

Now, this does not mean that only Android devices are vulnerable. Apple is slated to offer the ability to sideload apps too with iOS 17.

Fact #3 : Scammers Use APK Files To Install Malware

In most, if not all, cases where you receive an APK file from a stranger on WhatsApp, Telegram, through email or social media platforms, it is likely to contain malware.

Scammers use APK files containing malware to gain access to your phone. After you install these malware APK files, scammers can do anything – read your messages, steal your photos and videos, gain access to your TAC / OTP alerts, etc.

Recommended : Can SIM Swap empty bank accounts without warning?!

Fact #4 : APK File Scam Not Limited To Wedding Invitations

These mobile application scams are not just limited to wedding invitations, or offers to deliver illicit photos and videos. Scammers have also convinced their victims to install these APK malware files to :

  • book cheap temporary maid / cleaning services
  • book cheap air-conditioning services
  • book exclusive restaurants
  • receive special discounts
  • make investment transactions

Fact #5 : Scammers Use Social Engineering + Stolen Data

It is important to remember that scammers will use a combination of social engineering and stolen / purchased data to convince you to install their APK malware.

They may know your name, your MyKad number, your address and your telephone number. They may even know who is in your family, and even have your bank account or credit card details. All that information can be purchased from unscrupulous sources.

In some cases, scammers have taken over social media accounts and used them to trick the account holder’s family and friends into installing such APK malware files.

No matter who tells you to do it – even if they are your family member or friend, NEVER download and install an APK file.

Recommended : Scam Alert : How Fake Job Syndicates Operate!

Fact #6 : Bank Negara Malaysia Warned About Mobile App Scam

Bank Negara Malaysia has long warned consumers about such mobile application scams.

Be wary of clickable hyperlinks that redirects you to a site, or downloads an application to your phone. Banks will no longer send you any clickable hyperlinks via SMS!

Only download applications from your smartphone’s official application platforms (e.g. Google Play Store, [Apple] App Store, Huawei App Gallery).

Fact #7 : PDRM Confirmed This Is A Scam

On Monday, 19 June 2023, PDRM Commercial Crimes Investigation Department (CCID) Director Datuk Seri Ramli Mohamed Yoosuf warned the public about this wedding invitation scam:

This new tactic asks for an individual to open the link prepared to receive the wedding invitation. However, that’s the trick to steal information from the public and to make online transfer. The public are advised to avoid getting caught up in any message from questionable sources.

Please help us FIGHT SCAMMERS by sharing this fact check article out, and please SUPPORT our work!

 

Please Support My Work!

Support my work through a bank transfer /  PayPal / credit card!

Name : Adrian Wong
Bank Transfer : CIMB 7064555917 (Swift Code : CIBBMYKL)
Credit Card / Paypal : https://paypal.me/techarp

Dr. Adrian Wong has been writing about tech and science since 1997, even publishing a book with Prentice Hall called Breaking Through The BIOS Barrier (ISBN 978-0131455368) while in medical school.

He continues to devote countless hours every day writing about tech, medicine and science, in his pursuit of facts in a post-truth world.

 

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Maybank To Fully Migrate SMS OTP To Secure2u!

Maybank just officially announced that it will fully migrate from SMS OTP to Secure2u, as part of efforts to crack down on scams!

Here is what you need to know…

 

Maybank To Fully Migrate SMS OTP To Secure2u!

On 28 September 2022, Maybank officially announced that it will fully migrate from SMS OTP to Secure2u, as part of efforts to crack down on scams!

By June 2023, all online activities or transactions involving account opening, fund transfers and payments, as well as changes to personal information or account settings, will require Secure2u authentication.

This announcement came after Bank Negara Malaysia (BNM) ordered banks to migrate from the SMS OTP (One Time Password) to more secure authentication methods.

We remain highly committed in helping our customers to avoid being scammed by fraudsters.  This is done through existing security measures that are already in place and as we progressively rollout more measures that can help deter or minimise the likelihood of customers falling prey to financial scams.

We are also supportive of Bank Negara Malaysia’s announcement on 26 September 2022 in relation to the five measures to be adopted by banks in Malaysia to ensure higher standards of security, especially for Internet and mobile banking services.

The banking industry is committed to working together to combat financial scams which are increasingly prevalent in today’s digitalised environment.

– Dato’ Khairussaleh Ramli, Group President & CEO of Maybank

Read more : BNM Orders Banks To Stop Using SMS OTP To Fight Scams!

 

Details Of How Maybank Secure2u Will Replace SMS OTP

Secure2u isn’t new. It was introduced in April 2017 as a more secure way for Maybank customers to authorise Maybank2u and MAE transactions using Secure Verification (one-tap approval) and Secure Transaction activation codes (a 6-digit TAC number generated in the app), as an alternate to SMS OTP.

Maybank also revealed some details of how Secure2u will be enhanced as it replaces SMS OTP :

  • Only one Secure2u device will be allowed per account holder (customer) to minimise the possibility of compromise by a third party
  • Maybank will alert the customer by SMS, a push notification, and an email when Secure2u is registered on a new device.
  • In Q4 2022, Maybank will introduce a cooling-off period whenever customers enable Secure2u on a different device. This cooling-off period will give customers the opportunity to verify and report to the bank in case of any unauthorised Secure2u registration on a new device.

In addition to Secure2u, Maybank is heeding BNM’s call for tightened fraud detection rules and triggers, and has in place a call-back verification process to alert customers of suspicious transactions.

Read more : Maybank: New Secure2u Activations Only On MAE App

 

Maybank Advice On Fighting Scam

Maybank has a dedicated 24/7 hotline for customers to report financial scams at +603-5891-4744. Customers are advised to call the hotline immediately, as soon as they suspect that their banking details have been compromised, or whenever they notice suspicious transactions, so their bank accounts can be suspended swiftly.

Alternatively, customers can also contact the general Maybank Customer Care Hotline at 1-300-88-6688 to report scams / fraud, or to seek assistance in suspending their bank accounts.

Finally, here are some tips from Maybank on how to protect yourself while using online platforms:

  • Avoid installing/downloading apps/Android Package Kit (APK) files or clicking on suspicious links sent via chat messages such as SMS, WhatsApp, Messenger or other similar services.
  • Do not provide permission for any app to send or view your SMSes.
  • Do not ignore any warnings from your devices, especially when downloading or installing a new file.
  • Do not enter your banking details, especially username or password, in any suspicious apps or websites.
  • Always keep your antivirus software updated for constant protection.
  • Only download apps from the genuine app stores such as Apple App Store, Google Play Store or Huawei AppGallery and not from a link.
  • Be alert if you are being prompted to download a file that is not compatible with your device i.e.: iPhone/iPad device being asked to use an Android device to download a file.
  • Always look out for your online banking security image and phrase (i.e.: Maybank2u security image and phrase), to ensure the website and app are legitimate.
  • Do not root or jailbreak your device.
  • Update your mobile device’s operating system (OS) and apps regularly.

Finally, we must all remember to NEVER share with anyone (not even bank employees) details of our bank accounts.

Please SHARE this article and these tips with your family and friends!

 

Please Support My Work!

Support my work through a bank transfer /  PayPal / credit card!

Name : Adrian Wong
Bank Transfer : CIMB 7064555917 (Swift Code : CIBBMYKL)
Credit Card / Paypal : https://paypal.me/techarp

Dr. Adrian Wong has been writing about tech and science since 1997, even publishing a book with Prentice Hall called Breaking Through The BIOS Barrier (ISBN 978-0131455368) while in medical school.

He continues to devote countless hours every day writing about tech, medicine and science, in his pursuit of facts in a post-truth world.

 

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BNM : Banks To Stop Using SMS OTP To Fight Scams!

Bank Negara Malaysia has ordered banks to stop using SMS OTP, as a way to fight financial scams!

Here is what you need to know…

 

BNM : Banks To Stop Using SMS OTP To Fight Scams!

Bank Negara Malaysia (BNM) has ordered banks in Malaysia to stop using SMS OTP (One Time Passwords), and migrate to a more secure form of authentication for online transactions.

This move comes after many Malaysians were hit by scams that bypassed the security offered by SMS OTP, leading to great loss of their hard-earned money.

BNM governor Tan Sri Nor Shamsiah Mohd Yunus said major banks in Malaysia have already started migrating from SMS OTP to more secure forms of authentication.

 

BNM : More Measures Beyond SMS OTP To Fight Scams!

In addition to “banning” SMS OTP, BNM has ordered the further tightening of detection rules and triggers to block potential scams.

This includes adding a cooling-off period for first-time enrolments of online banking services, as well as devices being registered for authentication purposes.

Banks will also be required to set up dedicated scam hotlines, and provide convenient ways for customers to suspend their bank accounts if they suspect that those accounts have been compromised.

Banks also have to ensure that customers are able to reactivate their accounts after a reasonable period, after ensuring that their accounts have been secured.

Together with the financial industry, BNM will continue to ensure that banking and payment channels remain secure and equipped with the latest security controls. The effort to combat financial crimes also requires the support of all parties. As consumers, each of us are responsible for protecting ourselves from the threat of scams.

The reality, however, is that methods used by criminals will continue to evolve. BNM therefore continuously intensifies efforts and take steps to combat scams by introducing additional controls and safeguards from time to time.

– BNM governor Tan Sri Nor Shamsiah Mohd Yunus

Read more : Bank Negara Malaysia Email Scam Alert!

Despite these efforts, it is critical that we must all learn to safeguard our personal information and avoid downloading files or installing applications from unverified sources on our computer or smartphones.

We should also check our bank and credit card statements, and notify the banks once we notice anything suspicious.

Those who believe that they are victims of a scam should contact the Commercial Crime Investigation Department Scam Response Centre at 03-2610 1559/1599 or BNMTelelink at 1-300-88-5465; and lodge a police report to facilitate investigations.

 

Please Support My Work!

Support my work through a bank transfer /  PayPal / credit card!

Name : Adrian Wong
Bank Transfer : CIMB 7064555917 (Swift Code : CIBBMYKL)
Credit Card / Paypal : https://paypal.me/techarp

Dr. Adrian Wong has been writing about tech and science since 1997, even publishing a book with Prentice Hall called Breaking Through The BIOS Barrier (ISBN 978-0131455368) while in medical school.

He continues to devote countless hours every day writing about tech, medicine and science, in his pursuit of facts in a post-truth world.

 

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MyDebit Cash Out : Banks To Charge 50 Sen Per Withdrawal!

Banks across Malaysia will start charging 50 sen for each MyDebit Cash Out withdrawal, starting 1 July 2022!

Here is what you need to know…

 

MyDebit Cash Out : Banks To Charge 50 Sen Per Withdrawal!

Effective 1 July 2022, banks across Malaysia will start charging 50 sen for each MyDebit Cash Out withdrawal.

Here are two notices that banks recently issued about this withdrawal fee :

Dear Valued Customers,

Effective 1 July 2022, MyDebit Cash Out fee of RM0.50 per transaction will be imposed at any MyDebit selected merchants/ retailers. MyDebit Cash Out Fee will be payable by the Cardholders.

The maximum limit for MyDebit Cash Out withdrawal is RM500.00 per transaction.

Thank You.

CIMB Bank and CIMB Islamic Bank Berhad

Dear Valued Cardholders,

Please be informed that MyDebit Cash Out Fee will be revised from RM0.00 to RM0.50 per cash out* transaction which will be payable by Cardholders. The revision will be effective 1 July 2022.

Please call our Customer Service at 03-5516 9988 for enquiries.

*Cash Out = Withdrawal of cash at MyDebit selected merchants/retailers.

Thank you.

 

MyDebit Cash Out : What Is It?

For those who are unfamiliar, MyDebit Cash Out is a feature of all ATM and debit cards in Malaysia, which allows you to withdraw cash at select merchants and retailers.

MyDebit Cash Out offers customers an easier way to withdraw cash from their bank accounts, without going to an ATM machine.

The RM 0.50 withdrawal fee only applies if you wish to withdraw cash using your debit card. It does not apply if you pay for your purchases using your debit card.

 

MyDebit Cash Out : Is It Worth Paying The Fee?

The MyDebit Cash Out fee will overwhelmingly affect lower income people, because they are the least able to travel to a bank branch to withdraw their money. They are also less likely to withdraw large amounts of cash at any one time.

So MyDebit Cash Out offers them a convenient way to withdraw money from their bank accounts, as and when they need cash. They will now need to pay for that convenience…

To be sure, the 50 sen fee is cheaper than the RM1 MEPS fee charged for interbank cash withdrawal at the ATM. However, you can only withdraw a maximum of RM500 per transaction through MyDebit Cash Out.

If you wish to withdraw more than RM1,000, it is cheaper to use an ATM from another bank, even if it incurs the MEPS fee.

Of course, if your bank has an ATM nearby, that is your best option – you get to withdraw your money for free!

Read more : MEPS Fee For ATM Cash Withdrawal Now In Effect!

 

Please Support My Work!

Support my work through a bank transfer /  PayPal / credit card!

Name : Adrian Wong
Bank Transfer : CIMB 7064555917 (Swift Code : CIBBMYKL)
Credit Card / Paypal : https://paypal.me/techarp

Dr. Adrian Wong has been writing about tech and science since 1997, even publishing a book with Prentice Hall called Breaking Through The BIOS Barrier (ISBN 978-0131455368) while in medical school.

He continues to devote countless hours every day writing about tech, medicine and science, in his pursuit of facts in a post-truth world.

 

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Watch Out For Nestle 2022 Anniversary Phishing Scam!

Please watch out for the Nestle 2022 Anniversary phishing scam!

Find out why it is just a SCAM, and WARN your family and friends!

 

Nestle 2022 Anniversary Phishing Scam Alert!

People are now sharing the Nestle 2022 Anniversary message on WhatsApp (translated into English) :

CONGRATULATIONS!

Your family has been chosen to receive a lucky drag for the Nestle 2022 Anniversary at the Nestle office.

This contest has been approved by the Malaysian court / police, with the cooperation of Bank Negera Malaysia (BNM).

The link attached to the a website with the following instructions :

  1. Winners must keep the PIN-CEK number as evidence for winner verification and prize collection
  2. There are two ways to submit the contest form – through WhatsApp or this website.
  3. The contest form must be completed with your details. Incomplete forms will be rejected by the sponsor without notice.
  4. Every valid application will be shortlisted. There is no limit to the number of applications.
  5. First Prize Winner : RM10,500
    Second Prize Winner : RM9,300
    Third Prize Winner : RM8,500
  6. To redeem your prize, just use your WhatsApp to :
    a) Fill in the Nestle winner application number
    b) Fill in your full name and identity card number
    c) Attach a clear picture of your BANK ATM CARD – front and back
    d) Go to the nearest ATM machine, and WhatsApp the details above to +60124181128

 

Nestle 2022 Anniversary Phishing Scam : How Does It Work?

The Nestle 2022 Anniversary phishing scam is DANGEROUS. Please warn your family and friends to AVOID it.

Fact #1 : There Is No Such Nestle Giveaway!

There is no such anniversary giveaway by Nestle Malaysia. There is no reason for Nestle Malaysia to give out so much money.

They are a business, not a charity. They are in the business of selling you products, not giving you money.

Businesses do sponsor giveaway contests, but they are generally low value. Nestle Malaysia, for example, is currently giving away RM30 Shopee vouchers.

Fact #2 : Nestle Would Not Use Free Websites

Nestle is a large multinational company. It would not be using free website services like Wix.

Nestle Malaysia has its own website (https://www.nestle.com.my/) and Facebook page (https://www.facebook.com/Nestle.Malaysia) where they post official contests and promotions.

Always verify if a contest is genuine by visiting the official website / social media page.

Fact #3 : Nestle Would Never Ask For Pictures Of Your ATM Card!

Nestle, and any legitimate brand, would NEVER ask you to send them pictures of your bank ATM card!

Sending the pictures of your ATM card will allow them to clone the card, or trick bank staff into giving the scammers access to your bank account.

NEVER EVER SEND ANYONE PICTURES OF YOUR BANK ATM CARD!

Fact #4 : Nestle Would Never Ask You To Go To An ATM

No legitimate contest would require you to go to an ATM machine to receive money.

NEVER TRUST ANYONE WHO ASKS YOU TO GO TO AN ATM MACHINE.

Fact #5 : Nestle Would Never Ask For Your PIN / TAC

Nestle would never ask you for your ATM card’s PIN or any TAC number you may receive.

Giving out those details is how scammers get access to your bank account.

NEVER GIVE OUT YOUR PIN OR TAC NUMBER!

Fact #6 : This Lets Scammers Withdraw Money From Your Bank Account

I know many of us are in dire straits during this COVID-19 pandemic, having lost jobs, income or even loved ones.

Unfortunately, scammers are counting on our desperation to prey on us, using such anniversary scams.

This particular Nestle 2022 Anniversary Scam is a real danger, because it will allow scammers to gain access to your bank account and withdraw money.

Also watch out for the other anniversary scams that I have covered over the years :

Please WARN your family and friends about these scams!

 

Please Support My Work!

Support my work through a bank transfer /  PayPal / credit card!

Name : Adrian Wong
Bank Transfer : CIMB 7064555917 (Swift Code : CIBBMYKL)
Credit Card / Paypal : https://paypal.me/techarp

Dr. Adrian Wong has been writing about tech and science since 1997, even publishing a book with Prentice Hall called Breaking Through The BIOS Barrier (ISBN 978-0131455368) while in medical school.

He continues to devote countless hours every day writing about tech, medicine and science, in his pursuit of facts in a post-truth world.

 

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Will Section 106A Let LHDN Access Your Bank Accounts?

Will the Section 106A amendment let LHDN access your bank accounts, without consent or knowledge?

Let’s take a look at the controversial amendment, and find out what FACTS really are!

 

Section 106A : Does It Let LHDN Access Your Bank Accounts?

Section 106A was just added to the Income Tax Act 1967, with the passing of the Finance Bill 2021 on 15 December 2021.

This section empowers the Inland Revenue Board (LHDN or HASiL) to access bank account information for the purpose of making garnishee order applications.

The director-general may, by notice under his hand, require any financial institution to furnish, within a specified time in the notice, the bank account information of that person, if any, or the purpose of making an application to court for a garnishee order

A garnishee order is used by creditors to collect debts from debtors by “garnishing” their bank accounts, and is nothing new.

However, much was made about Subsection (2) which states that financial institutions ordered to furnish the bank account information will not be allowed to disclose to anyone that such a request has been made.

So what’s really going on?

 

Section 106A Lets LHDN Access Bank Accounts For A LIMITED Purpose…

Many people have been sharing articles on Section 106A, claiming that it will allow LHDN to collect information on how much money they really have, in order to collect additional taxes.

Some even suggested (jokingly or otherwise) that people should withdraw their cash to keep at home, to avoid LHDN “garnishing” their hard-earned money.

The truth is – Section 106A only lets LHDN access bank account information for a specific and LIMITED purpose.

Let me summarise the key points :

  • LHDN can only ask for your bank account information for the explicit purpose of making a garnishee order application.
  • Before such a garnishee proceeding can begin, you would have already undergone a civil proceeding, which ended with a judgement against yourself.
  • Hence, the requirement that the Director-General must have a “notice under his hand”, before LHDN can proceed with the garnishee order application.
  • Before LHDN can make a garnishee order application, it must know which bank accounts you have. This is where they use Section 106A to make that request to the bank.
  • Only once LHDN has obtained your bank account information, can it make an application to the court for a garnishee order, to recover the tax you owe.
  • Subsection (2) prohibits financial institutions from informing you about such potential garnishee proceedings, to prevent you from moving your money out of those bank accounts.

Section 106A does NOT allow LHDN to request for bank account information for other purposes, whether it is to determine how rich you are, or for tax audit purposes.

Section 106A is also limited to banks, including Islamic banks and development financial institutions. It does not extend to investment fund accounts, so it wouldn’t really help LHDN in looking for people evading taxes.

 

Section 106A Access To Bank Accounts : Official LHDN Statement

On 18 December 2021, LHDN issued a press statement clarifying its access to your bank account. It is in Bahasa Malaysia, so here is my English translation :

ACCESS TO TAXPAYER BANK ACCOUNT HAS LIMITS

Inland Revenue Board (HASiL) refers to several news reports about HASiL’s power to access taxpayer bank accounts without first obtaining the account holder’s consent.

HASiL would like to clarify that the new S106A amendment of the Income Tax Act (ACP) 1967 that was approved in the Finance Bill 2021 on 15 December 2021 has granted HASiL the right to obtain taxpayer bank account information only for cases that involve garnishee orders in any court that has decided to allow the garnishee proceeding.

Garnishee proceeding is a process to enforce monetary judgements by seizing or freezing debts that must be repaid to any party, in this case HASiL, if there are tax arrears that have not be paid by the taxpayer.

This new amendment will help HASiL administer the country’s direct tax system more effectiveness by minimising tax leakage by taxpayer’s failure to pay their existing tax arrears, while increasing the rate of voluntary tax compliance.

Nevertheless, the power under this new amendment does not give HASiL absolute power to access taxpayer bank accounts frivolously. It must undergo a specific judicial process, and is limited to accesses that have already undergone civil proceedings earlier.

Taxpayers who are willing to handle their tax obligations in an orderly manner do not need to worry about this S106A ACP 1967 amendment as it does not apply to them.

In conclusion, the new S106A ACP 1967 amendment only gives HASiL the power to obtain taxpayer bank account information after garnishee proceedings are permitted by the court. HASiL once again stress that taxpayer bank account information that do not involve garnishee action cannot be accessed by HASiL through this amendment.

 

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Dr. Adrian Wong has been writing about tech and science since 1997, even publishing a book with Prentice Hall called Breaking Through The BIOS Barrier (ISBN 978-0131455368) while in medical school.

He continues to devote countless hours every day writing about tech, medicine and science, in his pursuit of facts in a post-truth world.

 

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Scam Alert : Bank Negara Malaysia Scam Email!

Bank Negara Malaysia is warning the public about an email scam using their board member to scam victims of their money!

Find out what this Bank Negara email scam involves, and make sure you WARN your family and friends!

 

Bank Negara Malaysia Email Scam : Watch Out For It!

You may have received this email purporting to be from Chin Suit Fang, a Bank Negara Malaysia board member, and Chairman of the Board Audit Committee.

It warns you that you have just 48 hours to address an outward payment from your bank account (not necessarily RHB), or Bank Negara Malaysia will freeze your account for investigations.

Bank Negara Malaysia confirmed that this is a fake scam email, even though Chin Suit Fang is really on the Board of Directors for BNM, and that’s really her photo.

 

Bank Negara Malaysia Email Scam : Why It’s Fake

For those who want to learn more how to spot such email scams, and specifically why this Bank Negara Malaysia email is a scam, here are the details :

Tip #1 : Check The Email Address

If you check the email address, you will see that it’s from BNM.gov.my@banknegaramalaysia.onmicrosoft.com.

That is not a valid Bank Negara Malaysia email account, which always ends with @bnm.gov.my.

Tip #2 : Do You Really Have That Much Money?

It is impossible for Bank Negara Malaysia to question you over such a large transfer when you don’t have that much money in the bank in the first place!

Tip #3 : Did You Really Transfer That Much Money?

If you really have that much money, did you really transfer so much out?

First thing to do is NOT to respond to the email, or click on any link.

No, the first thing you should do is check your bank account. If there has been no such transfer, the email is evidently false.

Tip #4 : Bank Transfers Are Generally Limited To RM50K A Day

Unless you performed the transfer over-the-counter at the bank, and submitted a Bank Negara Malaysia declaration form, it is simply impossible to transfer more than RM50,000 a day.

Online transfers are limited to just RM50,000 a day, and in some cases, to just RM20,000 a day.

Tip #5 : Bank Negara Malaysia Directors Will Not Email You 

Even if you are in the habit of transferring half a million ringgit to other people (call me please?), Bank Negara Malaysia will not email you to ask you about it.

If they require you to submit documents, you can be assured that it will be by an official letter.

Even if you are a famous personality or a politically significant person, no Bank Negera Malaysia director is going to write you an email.

Do you really think it is the job of a BNM director to write demand letters?

Tip #6 : Why Would They Include Their Personal Picture?

Why on Earth would any person include their personal picture in an official email?

Heck, do YOU even include a picture of yourself in your emails to your family and friends? Of course, not!

The only reason why scammers do this is to trick you into believing that this is really an email from a Bank Negara Malaysia director.

Tip #7 : Look At The Horrendous Grammar

The email isn’t even well-written, with bad grammar and odd capitalisation of various words.

Is this the kind of email a Bank Negara Malaysia director would pen? Seriously?

No, this is the kind of English that is written by someone with a poor command of the English language.

 

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Takaful & Allianz Malaysia Receive Top Motor Insurance Awards

iBanding Services recently awarded Syarikat Takaful Malaysia and Allianz Malaysia for the Best Motor Takaful Company and Best Motor Insurance Company in 2016 respectively. The awards were based on the results of a study conducted by iBanding, which ranked insurance companies in Malaysia on actual feedback from Malaysian motor vehicle drivers.

The study revealed that Syarikat Takaful Malaysia customers are the most satisfied with their insurance services and recommend the motor insurance company to their family and friends more often than other companies. Takaful insurance holders quoted price, quality of service and policy benefits as the top three reasons why an insurance company is preferred.

 

The iBanding Motor Insurance Awards

iBanding’s recognition of Syarikat Takaful Malaysia and Allianz Malaysia as the best motor insurance providers in 2016 is not like any other award within the industry. Besides providing valuable insights from its annual study, iBanding’s yearly ranking of motor insurance companies for both Conventional and Takaful motor insurance provides consumers with the knowledge and confidence to choose the best insurance company that is right for them.

Luke Roho, Co-Founder of iBanding elaborates, “For the past 30 years, Malaysians do not feel that it was necessary to shop around to compare different motor insurance policies. This was because motor insurance prices have been regulated by a tariff structure, which is set by Bank Negara Malaysia. This will change with the introduction of Motor Detariffication in July this year. With the implementation of Motor Detariffication, motor insurance prices are no longer regulated.

This means that insurance companies will be able to set their own prices and offer a variety of differently priced services to consumers. However, lower price does not mean that the service offered is better. Our motor insurance ranking and insurance award will help consumers decide what company is best for them based on price and service quality. Ideally, consumers want to buy insurance with the best service and lowest price.

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Roho added that consumers will have to be ready for the changes that follow Motor Detariffication, “After detariffication is implemented, consumers may find buying motor insurance to be a bit more complicated. This is because insurance companies or agents will now ask a lot more questions. This additional information will help insurance companies decide if you are a safe driver or a risky driver, which will ultimately affect the price of the insurance plan.

If the insurance company decides that you’re more of a risky driver than a safe one, the price of your insurance will be higher. This means that two individuals purchasing the same car model may have to pay different insurance prices based on various considerations like occupation and traffic violations. With so many options to consider, it can be overwhelming especially for first time buyers. iBanding helps consumers select the right company through its annual Motor Insurance Award.”

 

 

How The Survey Was Conducted

The Study is based on the Net Promoter Score (NPS) methodology, which closely examines customer satisfaction. iBanding’s Study also uses statistical methods and fraud detection parameters to ensure unbiased results.

From 4,000 unsolicited responses received nationwide in 2016, 2,600 responses were accepted, with Syarikat Takaful Malaysia scoring the highest for Islamic Insurance or more often called Takaful, and Allianz Malaysia for Conventional Insurance.

 

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