Tag Archives: Finance

Maybank MAE + M2U Apps Running Again After Going Down!

Maybank MAE + M2U Apps Running Again After Going Down!

Maybank just announced that their MAE and M2U mobile banking apps are now up and running, after going down for several hours!

Here is what you need to know…

 

Maybank MAE + M2U Mobile Apps Down!

On the morning of 25 July 2022, the MAE and M2U mobile apps went down, which Maybank confirmed.

As it so happened, both apps failed on the 25th of the month, which is when Malaysian civil servants and many other employees receive their pay.

That led to a lot of complaints, as people could not transfer the funds using the apps.

Fortunately, the Maybank website itself was operational, so users were advised to access the Maybank2U website using their web browser instead.

#MBBAlert Dear valued customers,

Kindly be informed that you may perform your banking services on Maybank2u web. We are currently experiencing intermittent slowness on our MAE and M2U MY apps.

Our sincere apologies for the inconvenience caused and we are working to resolve the matter as soon as possible. Thank you for your patience and continuous support.

Maybank did not reveal what was the reason both their M2U mobile banking app, and their MAE ewallet failed.

They finally resolved it several hours later, just before 2:30 PM.

#MBBAlert Dear valued customers,

Kindly be informed that all our services are back to normal and you may perform your banking transactions across our platforms.

Our sincere apologies for the inconvenience caused today. We thank you for your continued patience and support.

This isn’t the first time Maybank users had trouble with their banking services. On 17 January 2022, all of Maybank’s online and banking services went down!

 

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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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No More Cash Payment At KKM Hospitals + Clinics!

Public hospitals and clinics under KKM will no longer accept cash payments starting 1 October 2022!

Here is what you need to know…

 

No More Cash Payment At KKM Hospitals + Clinics!

From 1 October 2022 onwards, public hospitals and clinics under the Malaysia Ministry of Health (KKM) will no longer accept cash payments.

They will only accept payments through e-payment methods like :

  • debit card
  • credit card
  • e-wallet

They will, however, accept cash payment if the customer has no other payment options, or a bank account.

KKM is aiming to achieve 95% cashless transactions by December 2022.

 

Why KKM Hospitals + Clinics Will No Longer Accept Cash Payments

This initiative to eliminate cash payments at KKM health facilities is part of the 2021 Malaysia Digital Economy Blueprint, which called for all federal and state agencies to prioritise cashless payments by the year 2022.

The 2021-2022 KKM Anti-Corruption Plan also called for cash payments to be eliminated at public hospitals and clinics.

The Malaysia Ministry of Health believes that eliminating cash payments at their health facilities will :

  • reduce the risk of leakage of public funds
  • increase efficiency by making payments at the counter faster, easier and safer
  • reduce the cost and work process of collecting payments
  • reduce the risk of COVID-19 infections through contactless payment

To that end, KKM had ordered the implementation of cashless payment systems at all health facilities back in June 2022, with full implementation starting 1 October 2022, targeting 95% cashless payments by December 2022.

 

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Name : Adrian Wong
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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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Will Scanning RFID Bar Codes Hack Your Phone?!

Will scanning an RFID bar code cause your phone to be hacked?!

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

 

Claim : Scanning RFID Bar Codes Will Hack Your Phone!

This warning about an RFID bar code scam has gone viral on WhatsApp, and social media.

It claims that scammers are sending people RFID stickers, and asking them to scan the bar code.

Allegedly, scanning the RFID bar code will cause your phone to be hacked by these scammers!

They send the RFID to you. When you scan the bar code they hack your hp
It’s a scam

他们将 RFID 发送给您。 当您扫描条形码时,他们会入侵您
这是一个骗局

Mereka menghantar RFID kepada anda. Apabila anda mengimbas kod bar mereka menggodam anda
Ia satu penipuan ☠️👻💩😱😰

 

Truth : Scanning RFID Bar Codes Will NOT Hack Your Phone!

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

Fact #1 : There Is No RFID Bar Code Scanning Scam

First of all – let me just say that there is no such thing as an RFID bar code scanning scam. No one can hack your phone just because you scan an RFID bar code.

The bar code is nothing more than a series of numbers, which you can readily see printed under the bar code. These numbers cannot possibly hack your phone / smartphone.

Fact #2 : RFID Bar Code Is Used To Register Sticker

The bar code visible in the clear window of the TNG RFID self-fitment kit is merely the serial number for the RFID sticker (also known as an RFID tag).

This serial number is used to register the RFID sticker, by scanning scan the bar code using the TNG eWallet mobile app.

All it does is link the RFID sticker to your TNG eWallet account, so that all toll charges are automatically deducted from that account.

Read more : TNG RFID Self-Fitment Guide : How To Do It Yourself

Fact #3 : There Are Easier + Cheaper Ways To Hack Your Phone

Truth be told – there are far easier and cheaper ways to hack your phone, than send you a free RFID sticker and ask you to scan the bar code.

These scammers will have to put in considerable expense and technical expertise into hacking the TNG eWallet app, and inserting their malware that the fake RFID number would trigger.

But why bother? If they can hack the TNG eWallet, they don’t even need to send you any fake RFID bar code to scan!

Making fake RFID stickers (tags) that look like genuine TNG RFID self-fitment kits costs money. Sending these fake kits also put them at risk, because deliveries can be traced.

There are many other ways to compromise your smartphone. There is simply no reason why scammers to waste time and money on such a convoluted scheme.

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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Does Malaysia Have 2nd Most Debt In Asia, After Sri Lanka?!

Did the IMF warn Malaysia about having the second most national debt in Asia, after Sri Lanka?!

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

 

Claim : Malaysia Has 2nd Most Debt In Asia, After Sri Lanka!

This post about IMF warning Malaysia about having the second most national debt in Asia, after Sri Lanka, has gone viral.

People are sharing it as a warning of how Malaysia could very soon descent into the economic chaos and misery affecting Sri Lanka.

International Monetary Fund (IMF) has warned that Malaysia is in a huge economic dilemma.

The second largest debt country in Asia after Sri Lanka is Malaysia.

Good Luck to Malaysian… [sic]

马民有福了😱😭

 

Truth : Malaysia Does Not Have 2nd Most Debt In Asia, After Sri Lanka!

This is yet another example of FAKE NEWS circulating on social media, and here are the reasons why…

Fact #1 : IMF Did Not Say Malaysia Is In Economic Trouble

The International Monetary Fund (IMF) did not warn that Malaysia is in huge economic trouble.

In April 2022, it warned that Asian nations, like the rest of the world, are at risk of stagflation from being battered by the war in Ukraine and the slowdown in China from COVID-19.

The region faces a stagflationary outlook, with growth being lower than previously expected, and inflation being higher.

Inflation is now expected to rise 3.2% this year, a full point higher than expected in January.

Despite the downgrade, Asia remains the world’s most dynamic region, and an important source of global growth.
– Anne-Marie Gulde-Wolf, acting director of IMF Asia and Pacific

Fact #2 : Malaysia Does Not Have Second Most Debt In Asia

The claim that Malaysia has the second highest national debt in Asia is also false.

On both the GDP percentage and per capita basis, Singapore has the second highest national debt in Asia, behind Japan. Even Sri Lanka has less debt, per capita or as a percentage of its GDP, than Singapore or Japan.

Malaysia has far less national debt than Sri Lanka as a percentage of its GDP, but twice the debt on a per capita basis.

Here is a comparison I created of countries with the highest national debt in Asia :

Country Year National Debt Debt
(% of GDP)
Debt Per Capita
Japan 2020 $13,054 billion 259% $103,386
Singapore 2021 $536 billion 132.8% $98,410
Sri Lanka 2020 $81.7 billion 101.2% $3,726
Mongolia 2021 $14.3 billion 94.7% $4,294
India 2020 $2,402 billion 90.1% $1,741
China 2020 $10,115 billion 68.1% $7,164
Malaysia 2021 $239 billion 63.4% $8,644
Philippines 2021 $226 billion 57.5% $2,055

Fact #3 : IMF Optimistic Malaysia Will Expand By 5.75% In 2022

In May 2022, the International Monetary Fund (IMF) actually announced that it is optimistic that Malaysia’s economy will expand by 5.75% in 2022, driven by pent-up domestic demand and continued strong external demand.

It also said that Malaysia’s high vaccination rates, and limited movement restrictions are supporting economic expansion.

Fact #4 : High Debt Is Not Necessarily Bad

While a high national debt is not ideal, it is not necessarily a bad thing either. It really depends on how much interest needs to be paid on the debt, and what the government is using it for.

Unlike individuals who will die eventually, the government of a country can last for hundreds of years. So governments do not have to pay back all of their debts within a certain amount of time.

As long as the government can keep paying interest on its debt, it can continue to borrow money to service deficits in its budget, or to invest in projects that grow the economy.

Fact #5 : How Governments Use Money Matters More

Just like how you can use borrowed money to invest in assets or splurge on liabilities, how the government uses the borrowed money matters more than how much it borrows.

If the government uses borrowed money to invest, that will spur growth that allows it to easily repay its debts while driving down the interest it pays.

But if the borrowed money is lost through corruption or wasteful projects, the government will find it harder to pay interest on the debt and may even default on payments.

Fact #6 : High Government Spending During Pandemic Is Expected

Practically every government in the world was forced to spend significantly more during the pandemic. Most run into large deficits during the pandemic because :

  • lockdowns reduce economic activity, reducing taxes
  • governments need to spend more on healthcare to combat COVID-19
  • governments cut taxes to support citizens and businesses
  • governments provide monetary support for citizens and businesses

This isn’t unique to Malaysia, but applies across the world. That’s why Malaysia’s national debt jumped significantly after January 2020.

Fact #7 : Malaysia Has Sufficient Foreign Reserves

Malaysia’s national debt increased from $228.7 billion in 2020, to $239 billion (RM 979.8 billion) in 2021 – an increase of about 4.5% year-on-year.

While this increase pushes Malaysia close to a national debt of 65% of its GDP, it is still much lower than many other countries.

More importantly, Bank Negara Malaysia reported international reserves of $116.9 billion as of 31 December 2021, which is enough to finance 7.7 months of retained imports, and is 20% higher than the total short-term external debt.

In other words, Malaysia is not anywhere close to collapsing economically, like what happened in Sri Lanka.

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

 

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Name : Adrian Wong
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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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£20 + £50 Paper Pound Sterling Notes Set To Expire!

The Bank of England is reminding everyone that the £20 and £50 pound sterling paper notes will expire in less than 3 months!

Here is what you need to know…

 

£20 + £50 Paper Pound Sterling Notes Set To Expire!

The Bank of England is reminding everyone that they have less than 3 months to use or swap their £20 and £50 pound sterling paper notes, which will soon expire!

The £20 and £50 pound sterling paper notes can still be used until 30 September 2022. After that, they are no longer legal tender.

But that does not mean they are worthless! Check in the next section on what you can do once these paper pound sterling notes expire!

£20 Pound Sterling

The £20 paper note featured the economist Adam Smith, and was introduced in 2007.

It is being phased out with a new £20 polymer note featuring the artist JMW Turner. This new polymer note was introduced on 20 February 2020.

 

£50 Pound Sterling

The £50 paper note featured the entrepreneur Matthew Boulton, and the engineer James Watt. This paper note was introduced in 2011.

It is being phased out with a new £50 polymer note featuring the scientist Alan Turing. This new polymer note was introduced on 21 June 2021.

 

What To Do After £20 + £50 Paper Pound Sterling Notes Expire?

After 30 September 2022, the £20 and £50 paper pound sterling notes will expire, and no longer be legal tender. They are more properly considered withdrawn notes.

That means you cannot use them to purchase goods and services, or pay businesses with them.

However, many UK banks will still accept these “expired” £20 and £50 paper notes as deposits. You can then withdraw new polymer notes from your bank account.

Some Post Office branches will also accept £20 and £50 paper notes as payment for goods and services, or as a deposit into a bank account.

As a final resort, the Bank of England (BoE) will readily exchange these withdrawn notes, through these methods :

By Post

The Bank of England accepts withdrawn notes sent to them by post. But be aware that you would be sending the notes at your own risk, and should take “appropriate measures to insure against loss or theft”.

You will need to fill in this postal exchange form, and send it to Department NEX, Bank of England, Threadneedle Street, London EC2R 8AH, together with

  • the banknotes you wish to exchange
  • a copy of your photo ID (for exchange of £700 or more)
  • a copy of proof of address (for exchange of £700 or more)
  • a cover letter with a company letterhead (for businesses)

The BoE will pay the money into your bank account, by cheque, or in new banknotes (if the exchange is less than £50).

The BoE will also accept overseas exchanges, but you will need to provide a BIC/SWIFT code as well as your IBAN or bank account number. The BoE will not charge for this service, but your account must be able to accept GBP, and your bank or intermediaries may charge you for this service.

Bank of England Counter

The Bank of England offers a counter service at Threadneedle Street, London, EC2R 8AH, which is open from 9:30 AM to 3 PM, Monday to Friday. It is closed on the weekend, and on bank holidays.

However, the BoE warns that this counter can have long queues, and waiting times may be up to an hour. So they recommend sending your banknotes through post.

Those who are exchanging their withdrawn paper notes at the counter should bring two original identity documents – one photo ID, and one proof of address (mandatory for exchange of £700 or more).

You may be asked to fill in a form, or provide additional evidence to support the origin of the banknotes. For example, if the money was from an estate, you will need to provide copies of death certificate, wills or grant of probate.

The BoE will give you new banknotes, or pay the money into your bank account (which currently takes at least 20 working days due to the backlog).

They can pay the money into any account that accepts GBP payments via SWIFT transfer. They do not charge for this service, but your bank / intermediaries may charge you.

 

New £20 + £50 Paper Pound Sterling Security Features

When you get the new £20 and £50 pound sterling polymer notes, be sure to look out for their new security features.

Hologram Image Change

If you tilt the new polymer notes from side to side, you will see the hologram image change between “Twenty / Fifty” and “Pounds”.

See Through Windows

Look at the metallic image over the main window. Check the foil is gold and green on the front of the note and silver on the back.

Within the two gold foil squares on the front of the note, the image changes between ’50’ and a ‘£’ symbol when the note is tilted.

Look for a second, smaller window in the bottom corner of the note.

 

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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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Fact Check : The Argentinian Egg Boycott Story

Find out if the viral Argentinian egg boycott really happened, reducing the price of eggs to a quarter of its original price!

 

Claim : Argentinian People Reduced Egg Prices Through Boycott!

The story of the Argentinian egg boycott has gone viral, as an example of how the common people can force businesses to reduce their exorbitant prices.

There are a few examples of this story circulating on WhatsApp and social media, but here is one example.

Note : The story is rather long, so feel free to skip to the next section for the facts!

Egg Carton

This is a true story, not a fiction. It happened in Argentina.

An Argentine citizen went to buy an egg carton. When he asked the seller about the price, he found that the price was above the usual price. After he asked the seller about the reason, the seller said, “The distributed companies have raised the price!”

Quietly, the citizen returned the egg carton back to its place, saying, “There is no need for eggs. I can live without eating eggs.” Also, all citizens did this without campaigns or strikes, but it was a people’s culture! People who did not accept blackmail by companies .. In your opinion, how were the results? !!!

 

Truth : There Never Was An Argentinian Egg Boycott!

Despite claiming that this is a true story, this is yet another example of FAKE NEWS circulating on WhatsApp and social media, and here are the reasons why…

Fact #1 : There Never Was Any Egg Boycott In Argentina!

First, I should point out that there was never any egg boycott in Argentina that caused egg companies to cut prices to a quarter of its previous price.

Neither did any egg company apologise to the Argentinian people. Look it up yourself. It never happened. The story was completely fabricated.

Fact #2 : This Story Has Been Circulating Since 2015

This fake story has been circulating since at least August 2015, when it was posted on an Arabic website with the title of Union – the story of the Argentine people.

Since then, it has been repeatedly shared on social media – Facebook, Twitter, as well as on WhatsApp.

Fact #3 : Argentina Hit By High Inflation Since 2002

Argentina has been suffering from high inflation since 2022, which got worse from 2014 onwards – going from 10.5% to 58% in April 2022!

Whatever boycotts the Argentinian people may have organised would not have mattered.

Fact #4 : An Egg Boycott Would Never Work

The whole premise of an egg boycott is also ridiculous. Egg prices increase due to escalating costs, as well as supply and demand changes.

If poultry farmers do not make enough money from eggs, they will simply reduce their egg-producing flock, and focus on producing chicken meat instead. When that happens, supply is reduced and prices go up, not down.

A complete consumer boycott of eggs would not collapse the market, because eggs are widely used in the bakery and confectionery trades.

Eggs also have important biotechnology, and other industrial uses. For example, it is used to produce many vaccines, like the annual flu vaccine.

Eggs can also be turned into powdered egg, or even exported. In fact, about $4 billion worth of eggs were exported worldwide in 2020.

Hypothetically, if the Argentinians really boycotted eggs completely, it would result in a short-term reduction in price due to increased supply in the market. However, some chicken farms will collapse, reducing supply and causing prices to spike when consumers start buying eggs again.

Fact #5 : Egg Margins Are Very Thin

According to Poultry World, egg producers in the US generate a margin of just 11.2 cents per dozen eggs at the farm level. That’s less than 1 cent per egg!

So how would it be possible for any egg distributer to sell eggs at a quarter of the original price? It does not even make common sense, never mind financial sense!

I hope you found this fact check useful. Please help to share it out, so people won’t get fooled by this stupid story again.

 

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

Name : Adrian Wong
Bank Transfer : CIMB 7064555917 (Swift Code : CIBBMYKL)
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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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Crypto Hedge Fund 3AC Filed For Chapter 15 Bankruptcy!

Cryptocurrency hedge fund, Three Arrows Capital (3AC) just filed for Chapter 15 bankruptcy! Here is what you need to know…

 

Crypto Hedge Fund 3AC Filed For Chapter 15 Bankruptcy!

The 2022 Crypto Winter continues to blow hard and cold…

On Friday, July 1, 2022, Singapore-based cryptocurrency hedge fund, Three Arrows Capital (3AC) filed for Chapter 15 bankruptcy in the Southern District of New York.

Representatives from the law firm Latham & Watkins filed the Chapter 15 bankruptcy filing to legally protect its US assets from creditors in the United States.

In the legal filing, they stated that “the Debtor’s business has collapsed in the wake of extreme fluctuations in cryptocurrency markets” and “the Debit commenced a liquidation processing before the BVI Court” on June 27, 2022.

This move came after a British Virgin Islands court ordered the liquidation of 3AC on Monday, June 27, 2022.

Voyager Digital revealed that 3AC failed to make payments on loans made up of US$350 million in USDC and 15,250 BTC (worth US$306 million), and issued them a notice of default on the same Monday, June 27.

 

3AC Founders Remain Silent On Bankruptcy, Location Unknown

Founded in 2012 by Zhu Su and Kyle Davis, 3AC managed about $10 billion in assets as recently as March 2022, but that sank to just $3 billion a month later.

3AC was dogged by persistent insolvency rumours in the last few weeks, with rumours of more than US$400 million in losses when the cryptocurrency markets collapsed between May and June 2022.

Zhu and Davis admitted in a WSJ interview that 3ACa lost their $200 million investment following the collapse of Luna and its sister coin, TerraUSD.

8 Blocks Capital chief executive Danny Yuan also alleged that 3AC had misappropriated US$1 million of its funds to pay off their margin calls.

Both co-founders have remained silent over the implosion of 3AC, and its bankruptcy. Zhu’s last Twitter post was on June 15, in which he sought to allay rumours of insolvency, while Davies has not said a word.

According to the lawyers from Latham & Watkins, their current locations are unknown, and they are “rumoured” to have left Singapore.

The foreign representatives understand and believe that while the debtor has had certain operations in Singapore, Mr. Davies and Mr. Zhu’s current location remains unknown. They are rumored to have left Singapore.

 

Please Support My Work!

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

Name : Adrian Wong
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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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CIMB Online Services Up Again, After Going Down For Hours!

CIMB online and mobile banking services are finally up after failing for most of the day! Here is what you need to know!

 

CIMB Online + Mobile Services Down Most Of The Day!

At around 10 AM on Friday, July 1, 2022, CIMB started experiencing issues with their online and mobile banking services.

Some users could not load the CIMB Clicks website completely, while many users complained that they could log in, but were unable to complete any online transactions, like :

  • Interbank GIRO (IBG)
  • Instant transfers
  • DuitNow transfers

Instead, they received error messages like :

Sorry, service is temporarily unavailable. We apologise for the inconvenience caused. [CLK00495]

We’ve encountered an unexpected error. Please try again later. [CLK00507]

[/su_note]

Please enter valid Email or Mobile Number. [CLK00494]

 

CIMB Online Services Up Again, After Going Down For Hours!

This system-wide issue is not only affecting their online banking portals – CIMB Clicks and CIMB BizChannel, but also their Clicks mobile app.

At 4:37 PM, CIMB announced that Interbank GIRO (IBG) transfers were back online, but not DuitNow transfers.

Please be informed that DuitNow To Account (Instant Transfer) is unavailable at the moment. As an alternative, you may perform transaction by using Normal Transfer (IBG). Thank you.

At 5:22 PM, CIMB announced that they resolved their DuitNow services, although many of their BizChannel customers complained that they are still not able to view their statements, or make online transfers.

Their social media team is asking BizChannel users still experiencing problems to contact the BizChannel team at 1300 888 828 or +603 2297 3000 for further assistance.

CIMB ATM and counter services were not affected by this issue, so you can still head over to a nearby CIMB ATM if you need to withdraw money.

 

Please Support My Work!

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

Name : Adrian Wong
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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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Malaysia Announces July-Aug Ceiling Price For Chicken, Eggs!

The Malaysian government just announced the ceiling price for chicken and eggs for July to August 2022!

 

Earlier : Malaysia U-Turns On Chicken Price Float

Just 3 days after announcing that the price of chicken and eggs would be freely floated, the government of Malaysia announced a U-turn.

At 5:45 PM on 24 June 2022, the Prime Minister of Malaysia Ismail Sabri announced that the government has cancelled the floating of chicken price, and will continue to impose a price ceiling.

Read more : Malaysia Cancels Chicken Price Float, Maintains Water + Power Rates!

 

Malaysia Announces July-Aug Ceiling Price For Chicken, Eggs!

On Wednesday, 29 June 2022, the Agriculture and Food Industries Minister Ronald Kiandee announced that the ceiling price for chicken and eggs for Peninsular Malaysia for July and August 2022.

From 1 July until 31 August 2022, the price of a standard whole chicken would be capped at RM 9.40, but there was no mention of a price cap for the super whole chicken (slaughtered and cleaned without legs, head, liver and gizzard).

The price for eggs would also go up in tandem, with Grade A eggs capped at 45 sen each, Grade B eggs capped at 43 sen each, and Grade C eggs capped at 41 sen each.

Here is a comparison table of the current and new prices, with my calculations on the difference :

Feb to June July to Aug Difference
Standard Whole Chicken RM 8.90 per kg RM 9.40 per kg +5.6%
Super Whole Chicken RM 9.90 per kg NA NA
Grade A Eggs RM 0.43 each RM 0.45 each +4.7%
Grade B Eggs RM 0.41 each RM 0.43 each +4.9%
Grade C Eggs RM 0.39 each RM 0.41 each +5.1%

In general, the ceiling price for chicken and eggs in Malaysia would be raised by about 5%, which is significantly lower than the 33% hike expected if their prices were freely floated.

This subsidy though isn’t really free, as taxpayers are ultimately footing the bill.

According to the government, it will spend RM 369.5 million for this additional subsidy on chicken and eggs, bringing the total amount spent to RM 1.1 billion since February 5, 2022.

 

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Russia Defaults On Foreign Debt For First Time Since 1918!

Russia has officially defaulted on its foreign debt for the first time since 1918!

 

Russia Officially Defaults On Foreign Debt!

Russia was due to pay a $100 million interest payment on May 27, 2022; but creditors did not receive it 30 days later.

Russia says they sent the money to the Euroclear bank, which would distribute payments to its creditors. However, those payments were not made – Euroclear wouldn’t say if they were blocked, but would only say that it is adhering to all sanctions.

The US Treasury had earlier decided not to renew the special sanction exemption allowing investors to receive interest payments from Russia, letting it expire on May 25, 2022.

Russia could have paid that interest before the interest payment exemption expired, but opted not to. It has so far managed to make its payments on time, despite sanctions kicking in after Russia invaded Ukraine in February 2022.

But after missing that June 26 deadline on Sunday, Russia officially defaulted on that payment – their first foreign debt default since 1918, and their first default of any kind since 1998.

  • In 1918, Vladimir Lenin refused to pay the outstanding debts of the Russian Empire during the Bolshevik Revolution.
  • In 1998, the Russian. government was rocked by the rouble crisis, and defaulted on domestic bonds, but managed to pay its foreign debt.

 

Russia To Pay In Roubles, To Avoid Future Defaults On Foreign Debt

Russia called the default artificial, because it has the money to pay its debts, but sanctions have frozen its foreign currency reserves held abroad.

The Kremlin announced on 23 June 2022, that it would make all future debt payments in roubles through a Russian bank – the National Settlements Depository, even for bonds that are denominated in dollars or other foreign currencies.

The Russian Finance Ministry said that it would offer “the opportunity for subsequent conversion into the original currency” as a way to avoid future debt defaults.

While embarrassing to the country, and would make it expensive or difficult to borrow money in the future, this technical default does not have a significant effect on Russia right now.

For one thing, Russia is already barred by sanctions from borrowing in Western markets. Russia is also not interested in borrowing foreign money, thanks to a healthy influx of money from its sale of oil and gas.

In fact, Russia had been preparing for such an eventuality by paying down its foreign debt since it annexed Crimea in 2014.

All it does at the moment is ensure that Vladimir Putin goes down in history as only the second Russian leader to be responsible for a foreign debt default.

 

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Malaysia Cancels Chicken Price Float, Maintains Water + Power Rates!

The Prime Minister of Malaysia just cancelled the floating of chicken price, and maintained water and electricity power rates!

Here is what you need to know…

 

Earlier : Malaysia Removes Price Control + Subsidy For Chicken!

On 21 June 2022, Malaysia’s Domestic Trade and Consumer Affairs (KPDNHEP) Minister Alexander Nanta Linggi, announced that price control for chicken and chicken eggs, as well as subsidies for palm oil used for cooking will be removed.

From 1 July 2022 onwards, the price of chicken was supposed to be floated, and would depend on market forces. The price of chicken was expected to increase from RM8.90 per kg currently, to about RM11.90 per kg, once its price was floated.

The government needed to remove the price control on chickens because they would stop giving subsidies to poultry farmers on 1 July 2022 as well.

Read more : Malaysia Removes Price Control, Subsidy For Chicken, Eggs, Cooking Oil!

 

Now : Malaysia Cancels Chicken Price Float, Maintains Water + Power Rates!

Just 3 days later, the Prime Minister of Malaysia announced a U-turn on removing price control on chickens.

At 5:45 PM on 24 June 2022, the Prime Minister of Malaysia Ismail Sabri announced that the government has cancelled the floating of chicken price, and will continue to impose a price ceiling.

However, this does not mean the chicken price will remain at its current ceiling prices of :

  • Standard whole chicken : RM 8.90 per kg
  • Super whole chicken (without legs, head, liver and gizzard) : RM 9.90 per kg

According to his official statement, the government will announce the new ceiling price for chicken later.

He also announced that the government has decided to maintain the current water and electricity tariffs in Peninsular Malaysia, by continuing to provide subsidies worth approximately RM 5.8 billion.

  • Domestic users : A rebate of 2 sen per kW-hour will be maintained, with no surcharge.
  • Commercial and industrial users : A surcharge of 3.70 sen per kW-hour will be maintained.

This is good news for domestic users, but not so good news for commercial and industrial users who have to put up with the surcharge.

 

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New Taxes On Small Online Purchases + Delivery In Malaysia!

There will soon be new taxes on small online purchases and delivery in Malaysia! Here is what you need to know…

 

New Taxes On Small Online Purchases + Delivery In Malaysia!

There will be soon new taxes on low-value purchases from overseas, and delivery services in Malaysia!

These taxes were announced in Budget 2022, but you may not be aware of it.

6% Service Tax On Delivery Services

From 1 July 2022 onwards, delivery services are subject to 6% service tax, for delivering goods other than food and beverages, and logistics delivery services.

This 6% service tax applies to e-commerce platforms as well, so expect the cost to be passed to you – the customer.

10% Sales Tax On Low Value Imports

Currently, goods imported from overseas that are delivered via courier services through specific international airports in Malaysia are not subject to the 10% sales. tax, if the value of each consignment (parcel) does not exceed RM 500.

Budget 2022 removed that exemption, which means all imported goods will be taxed, regardless of value.

From 1 January 2023 onwards, online sellers of low value imported goods delivered by air courier worth less than RM 500 per consignment must charge their customers a 10% sales tax. Otherwise, the purchaser will be subject to an import tax.

This sales tax applies to both local and foreign merchants. But the government has yet to reveal the mechanism by which foreign merchants will register, process and forward the collected sales tax.

 

Why New Taxes On Small Online Purchases + Delivery?!

Taxing low cost value goods purchased overseas is a way to level the playing field between local and foreign manufacturers.

Malaysian products are already subject to a 5% or 10% sales tax, which places them at a disadvantage when competing with low value imports that are currently tax-free.

That’s why many countries like Australia and New Zealand implement similar taxes, to align with local sales tax.

Even Singapore will be implementing a 7% GST on low value goods (LVG) from 1 January 2023 onwards, increasing it to 9% by 2025.

This sales tax on imported LVG will no doubt raise revenue for the government, but it is inline with what other countries are implementing to level the playing field, and encourage purchases of local products.

The 10% sales tax may seem high, but it does not apply to low value goods imported via sea or land.

This sales tax will not affect the RM1,000 exemption for travellers bringing in goods purchased overseas through the seven designated international airports in Malaysia.

The 6% service tax on delivery services is a new revenue stream for the government, although they have exempted food and beverage deliveries, as well as logistics deliveries.

Whatever the reasons are – expect to pay more for your online purchases!

 

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Bitcoin Rebounds Above $20K, Ether Shoots Over $1,100!

Bitcoin rebounded above $20,000 while Ether shot over $1,100, after experiencing record lows! Here is what you need to know…

 

Bitcoin Rebounds Above $20K, Ether Shoots Over $1,100!

After a terrible week, cryptocurrencies are getting a big respite with Bitcoin rebounding above $20,000. and ether shooting over $1,100!

Last Saturday, Bitcoin crashed through the $20,000 line, and smashed right through the $19,000 and $18,000 support lines. It hit a record low of $17,663.80, wiping out 12% of value in less than a day.

The $20,000 mark was psychologically-important because Bitcoin first hit it in December 2020. It was also the peak of its last bull run, when it hit a high of $19,834 in December 2017. Bitcoin had, for the first time, fallen below the peak of its prior bull run.

But it gradually recovered over Sunday, and actually rose above the $20,000 mark at 7 PM. After a short sell-off early Monday morning, it recovered to above $20,000.

Ether had a terrible Saturday too, falling from $1,069.70 to just $903.23 – wiping out 15.6% of its value in less than 24 hours!

But it recovered quickly, breaching $1,000 by Sunday morning, and then the $1,100 mark by Sunday evening.

Like Bitcoin, Ether saw a sell-off on Monday morning, but it recovered again and stayed above $1,100

 

Bitcoin + Ether Rally May Be Shortlived

Cryptocurrency investors and traders are sure to be relieved by the rally, which kept both Bitcoin and Ether above those psychologically critical $20,000 and $1,000 price levels, even though they had already breached them two days ago.

The rally seems to be fuelled by investors and traders looking to buy cheap coins. Both Bitcoin and Ether were over 70% and over 80% below their all-time highs of $68,990.90 and $4,865.57 respectively.

However, the Bitcoin rally seemed rather weak – it was vacillating around the $20,000 mark, unable to push above $21,000. Ether did better, staying above $1,000 and rising above $1,100 on Sunday and Monday.

It seems likely that this rally will be short-lived, and could be a short respite before a larger sell-off.

As inflation remains red hot, with rapidly rising interest rates amidst recession fears, there is significant pressure to sell risky cryptocurrencies.

Even though both cryptocurrencies are holding steady right now, be prepared for more sell-offs that could trigger a vicious cycle of forced selling and falling prices.

The 2022 Crypto Winter may have been delayed, and spring isn’t coming soon.

 

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Crypto Prices Tank : Bitcoin Below $19K, Ethereum Below $1K!

Cryptocurrency prices continue to tank, with Bitcoin dipping below $19,000 and Ethereal sliding below $1,000!

Here is what you need to know…

 

Crypto Prices Tank : Bitcoin Below $19K, Ethereum Below $1K!

The week is ending on a bad note for cryptocurrencies, as prices continued to tank.

On early Saturday morning, Bitcoin crashed through the $20,000 line, and smashed right through the $19,000 line, trimming 7.4% of its value in less than 1.5 hours!

The $20,000 mark was psychologically-important because Bitcoin first hit it in December 2020. It was also the peak of its last bull run, when it hit a high of $19,834 in December 2017.

Bitcoin has, for the first time, fallen below the peak of its prior bull run; which may well spook traders, if not the HODLers.

It hit the bottom (so far) of $18,811.40 at 8:20 AM, before recovering slightly to hover around the $19,000 to $19,500 range.

Ethereum did even worse, falling from $1,069.70 to just $977.37 – wiping out 8.6% of its value in less than 2 hours!

It recovered, but hovered under $1,000 for most of the day, before dipping to another low of $978.91 at 4:50 PM.

Ethereal first hit $1,000 in January 2018, and never dropped below $1,000 after January 2021.

 

Will Bitcoin, Ethereum Prices Continue To Tank?

Bitcoin and Ethereum are now trading almost 60% lower, compared to last year; and Bitcoin is down over 72% from its all-time high of $68,990.90.

While many HODLers and crypto traders are hoping that this is the bottom, this may only be a short respite before a larger sell-off.

Investors may be forced to liquidate their positions after these psychological lines were breached, possibly triggering a vicious cycle of forced selling and falling prices.

As inflation remains red hot, with rapidly rising interest rates amidst recession fears, there is significant pressure to sell risky cryptocurrencies.

So look forward to more sell-offs, and both Bitcoin and Ethereum breaching more resistance levels. The 2022 Crypto Winter may well be here…

 

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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!

 

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Bill Gates Mocks Crypto + NFTs As Assets For Fools!

Bill Gates is no fan of crypto – labelling crypto assets including NFTs as 100% based on greater fool theory!

Here is what you need to know…

 

Bill Gates Mocks Crypto + NFTs As Assets For Fools!

Speaking at a TechCrunch conference on Tuesday, 14 June 2022, Bill Gates described digital assets like cryptocurrencies and non-fungible tokens (NFTs) as something that’s “100% based on greater fool theory“.

The greater fool theory refers to the idea that investors can make money on worthless or overvalued assets, as long as they can fool other people into paying more for them.

In other words, the value of these digital assets are not inherent in their worth, but entirely dependent on whether you can hype them up so “greater fools” will buy them.

Read more : Crypto Boom Scam Alert : Fake Celebrity Endorsements!
Read more : Did Bill Gates Call For Withdrawal Of COVID-19 Vaccines?

 

What Bill Gates Invests In, Instead Of Crypto / NFTs

Bill Gates said that he was not interested in crypto at all – “I’m not involved in that. I’m not long or short any of those things“.

He shared that was only interested in asset classes that actually produce something, “like a farm where they have output, or like a company where they make products“.

He mocked the Bored Apes Yacht Club non-fungible token collection, calling them “expensive digital images of monkeys” that will “improve the world immensely“.

His comments come as bitcoin and other cryptocurrencies tumbled sharply. Bitcoin – the leading cryptocurrency – crashed from a high of $69,000 in November 2021, to less than $23,000 that day.

It didn’t help that Celsius, a crypto lending firm, paused all account withdrawals, feeling fears of its insolvency and the crypto world as a whole.

The crypto exchange, Coinbase, also announced that it was laying off 18% of its employees as the cryptocurrency market continue to crater.

 

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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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GrabUnlimited : Is It Worth Becoming A Member?

GrabUnlimited offers a large number of discount vouchers, and the opportunity to earn rebates!

Find out what GrabUnlimited really is all about, and whether it’s worth becoming a member!

 

GrabUnlimited : What Is It?

GrabUnlimited is a subscription plan that offers discount vouchers, and special promotions for Grab services.

Here are some of the benefits that the GrabUnlimited subscription offers :

Special June Promotions

  • 4 x GrabFood discount vouchers (up to 50%) + free delivery (cannot be used at peak hours or in Penang)
  • 6 x GrabFood discount vouchers (up to 38%) + free delivery (cannot be used in Penang)
  • Only in Penang : 10 x GrabFood discount vouchers (up to 50%) + free delivery

Standard Subscription Vouchers

  • 50 x GrabFood free delivery vouchers (up to RM3 off)
  • 10 x GrabMart free delivery vouchers (up to RM3 off)
  • 10 x GrabFood discount vouchers (15% off, only for self pick-up)
  • 1 x RM5 Grab Ride discount (Malaysian airport rides only)

Unlimited Benefits

  • RM1 GrabFood premium delivery discount
  • JustGrab (Top-Rated Drivers) in selected cities (from 9 June 2022 onwards)
  • Earn up to 1.5% in GrabRewards (instead of just 0.5% for non-members)
    You will get 1.5 GrabRewards for every RM1 spent, instead of just RM0.75.
  • Monthly Grab Hot Deals are now limited to GrabUnlimited members.

 

GrabUnlimited : My Humble Opinion

GrabUnlimited is being pitched to the media as a great way to save and earn money (paradoxical, I know!).

At first glance, it does look attractive, offering you 38% or 50% discount vouchers, as well as free delivery vouchers worth RM180. And who doesn’t want to “earn” 1.5%?

The real purpose though is to lock you into their platform, to discourage you from using their rivals / alternatives.

And if you look at the fine print, you will realise that those benefits and vouchers come with caveats that make them much less attractive.

  • You get 1.5 GrabRewards for every RM1 you spend – twice that of non-members, which you can use to redeem discounted Grab vouchers for a rebate “up to 1.5%”.
  • The 50% discount voucher is really a RM8.50 discount voucher with a minimum spend of RM20. The additional discount comes from Grab automatically applying one of the GrabUnlimited RM3 free delivery vouchers. It is also limited to “selected restaurants”.
  • The 38% discount voucher is really a RM7.50 discount voucher with a minimum spend of RM25. The additional discount comes from Grab automatically applying one of the GrabUnlimited RM3 free delivery vouchers. It is also limited to “selected restaurants”.
  • The 15% off Self Pick-Up discount is capped at RM12, which works out to a maximum order value of RM80.
  • The RM3 GrabFood free delivery voucher requires a minimum spend of RM20, and is not valid for Mix & Match orders.
  • The RM3 GrabMart free delivery voucher requires a minimum spend of RM40, and is not valid for Mix & Match orders.

That is why Grab limited their monthly Hot Deals and Top-Rated Drivers to GrabUnlimited members. They used to be available to everyone.

That does not mean it’s a bad idea to subscribe. If you use Grab regularly to order food or grocery deliveries, you can save quite a lot. You just have to make sure you meet the voucher requirements.

And you should definitely not fall into the trap of only using Grab. Always check alternative delivery services to see if they offer a better deal.

Finally, if you do not use Grab regularly (like me), you should obviously not subscribe at all. It would only be a waste of your money.

 

GrabUnlimited : What You Must Know…

GrabUnlimited Membership Cost

GrabUnlimited is a subscription-based membership programme that costs RM4.90 per month, which works out to RM58.80 per year.

New subscribers will be charged 1 sen for the first month, but will have to pay the full subscription price thereafter.

Existing GrabUnlimited members outside of Penang, Kuching and Johor Bahru who subscribed in April and May will be charged only 1 sen in June, but will have to pay the full subscription price from July onwards.

How To Subscribe To GrabUnlimited

Here is what you need to do to subscribe to this plan :

  1. Open the Grab app
  2. Go to Account > Subscriptions
  3. Tap on GrabUnlimited
  4. Review the plan details, and tap on Get this plan
  5. Pay for the subscription using your GrabPay Wallet

GrabUnlimited Automatically Renews Monthly

You may be interested to try out GrabUnlimited due to the 1 sen promotional price for the first month.

But please be warned that once you subscribe, it will automatically renew every month, and you will be charged the full price.

if you don’t want to pay the full price after trying it out, make sure you cancel the plan before the next billing date.

Cancelling GrabUnlimited

This is the official way to cancel your GrabUnlimited subscription :

  1. Open the Grab app
  2. Go to Account > Subscriptions
  3. Tap on GrabUnlimited
  4. Tap on View Details
  5. Tap on Cancel Plan

If you accidentally cancelled your subscription, you can resubscribe anytime before the next billing date at no additional cost.

 

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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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Why Was Touch ‘n Go eWallet Removed From App Store?!

The Touch ‘n Go eWallet app was just removed from the Apple App Store!

Here is what we know so far…

 

Touch ‘n Go eWallet Removed From Apple App Store!

Apple quietly removed the Touch ‘n Go eWallet (TNG eWallet) from the App Store a few days ago.

The TNG eWallet download page now states “App Not Available – The app is currently not available in your country or region“.

It was also removed from the App Store search listing. The Boost eWallet now appears, instead of the TNG eWallet.

Interestingly, the download page in the official Touch ‘n Go eWallet website is also not functioning, with a 404 error – Page not found.

It is however still available in the Google Play Store, so Android users can still download it just fine.

Even though the Touch ‘n Go eWallet app is no longer available in the Apple App Store, you can continue to use it if you had already installed it earlier.

The TNG Digital team stated that they are working to resolve the issue with Apple, and confirmed that the app that is installed in your iPhone will continue to work with all features fully-functioning.

This does not mean the removal is to be taken lightly. Until the app is restored to the App Store, you will no longer be able to update the app.

Over time, you may lose out on new features. But more importantly, you will no longer receive security and fixes.

 

Why Was Touch ‘n Go eWallet Removed From App Store?!

Neither Apple nor Touch ‘n Go eWallet stated why the TNG eWallet app was removed from the App Store.

However, I believe Apple removed it because of the recently-added NFC top-up feature for physical Touch ‘n Go cards.

That’s because Apple Pay is the only mobile wallet / eWallet allowed to use the iPhone and iPad’s NFC capabilities  for contactless payments.

That limitation has resulted in an antitrust charge by the European Union :

The European Commission has informed Apple of its preliminary view that it abused its dominant position in markets for mobile wallets on iOS devices. By limiting access to a standard technology used for contactless payments with mobile devices in stores (‘Near-Field Communication (NFC)’ or ‘tap and go’), Apple restricts competition in the mobile wallets market on iOS.

The Commission takes issue with the decision by Apple to prevent mobile wallets app developers, from accessing the necessary hardware and software (‘NFC input’) on its devices, to the benefit of its own solution, Apple Pay.

If this was the reason for the TNG eWallet app’s removal, it will be yet another example of Apple’s egregious anti-competitive nature, and yet another strike against their walled garden.

If they continue to lock down the NFC feature on the iPhone / iPad to force the use of Apple Pay, they will invite more anti-trust actions, and possibly turn people to the Android platform.

Unfortunately, there’s really nothing much Apple users can do.

 

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Crypto Boom Scam Alert : Fake Celebrity Endorsements!

Please watch out for the Crypto Boom scam involving fake celebrity endorsements, and warn your family and friends!

 

Crypto Boom Scam Alert : Fake Celebrity Endorsements!

You may have seen advertisements and posts on Facebook and Twitter, claiming that certain celebrities are sharing the secrets of their success.

Here is a recent example involving Jono Armstrong and Tony Fernandes. It’s an extremely long post, so feel free to skip to the next section for the facts!

NEWS THAT SENT SHOCKWAVES: Jono Armstrong And Tony Fernandes Partnership Is Shaking The Financial World And Big Banks Are Terrified

Big banks are loosing their chokehold of the financial markets. Malaysian citizens are from what private investment banks want off the market. Is it a real deal?

 

Crypto Boom : Yet Another Cryptocurrency Scam

Crypto Boom appears to be yet another “automated trading app”, claiming to use a trading robot to generate “daily ROI of up to 60%”.

Cryptocurrency is unregulated, and these cryptocurrency trading apps are of unknown provenance and ownership.

So unless proven otherwise, you should consider such cryptocurrency apps as SCAMS, including Crypto Boom for these reasons…

Fact #1 : That Malaysiakini Article Is Fake

There is no such Malaysiakini article. It’s completely FABRICATED. You can search Malaysiakini’s website if you don’t believe me.

The website it made to look like Malaysiakini, but does not have a Malaysiakini link, but an AWS cloud server link.

https://malaysia2022.s3.ap-south-1.amazonaws.com/MalaysiaJono.html

The Malaysia2022 website does not even exist. The only page on that server slice appears to be that MalaysiaJono.html page.

Fact #2 : Tony Fernandes Never Partnered With Jono Armstrong

As far as we can tell – Tony Fernandes has never met Jono Armstrong, much less partnered with him to bring Crypto Boom to Malaysia.

There was no such interview of Tony Fernandes and Jono Armstrong on Selamat Page Malaysia. Neither was there ever a threatening call by Farid Alias – the Group President and CEO of Maybank.

Fact #2 : Crypto Boom Is A Technology, Marketing + Advertising Service

While Crypto Boom claims to be an automated trading software that can give you “an average daily ROI of up to 60%“, their fine print states otherwise.

If you scroll down to the bottom of their official website, they clarified that they are merely a “technology, marketing and advertising service“.

They also clarified that they are “only used as a marketing tool by third party advertisers and brokers to receive more customers“.

Crypto Boom also warned, in their fine print, that when you sign up – “a broker is automatically assigned to you“, but that “it is your obligation to check if the Broker applies to all local rules and regulations“.

Crypto Boom is a software created by a development company and does not provide investment or brokerage services.

Crypto Boom does not gain or lose profits based on your trading results and operates as a technology, marketing and advertising service.

Crypto Boom does not operate as a financial services firm and is only used as a marketing tool by third party advertisers and brokers to receive more customers. When you signup to Crypto Boom a broker is automatically assigned to you.

It is your obligation to check if the Broker applies to all local rules and regulations and is regulated in your jurisdiction and is allowed to receive customers from your location. If you find out the Broker that was assigned to you is not duly regulated in your jurisdiction please contact us using the support menu in the software.

Fact #3 : No Celebrity Has Endorsed Crypto Boom

You may see other variants of this fake news, localised to the media in your country, with different celebrities endorsing Crypto Boom.

The truth is – no celebrity or business person of any note has ever publicly endorsed Crypto Boom.

If you do a quick online search, you will note that those celebrities have never mentioned Crypto Boom, much less endorsed it.

The fake story claims that Crypto Boom is backed by Richard Branson, Elon Musk and Bill Gates among others, but Crypto Boom themselves admitted that all those “rumours” are false.

The picture of Richard Branson and Bill Gates that was used in the fake Crypto Boom article was not taken at CES 2022. It was taken at the Grand Challenges Annual Meeting, in London on 26 October 2016.

This is the same kind of fake celebrity endorsements that drive the marketing campaigns of other cryptocurrency scams like Bitcoin Revolution.

Read more : Bitcoin Revolution Fake Celebrity Endorsements Exposed!

Fact #4 : SEC Warned About Such Scams

Many financial regulatory agencies like the SEC are warning investors and the public about fraudulent digital asset and “crypto” trading websites.

There have been many cases of people getting defrauded by such “get rich quick” schemes, including pump-and-dump and rug pull scams.

The SEC’s Office of Investor Education and Advocacy (OIEA) and the Commodity Futures Trading Commission’s Office of Customer Education and Outreach (CFTC) warn investors to scrutinize investment opportunities through websites purporting to operate advisory and trading businesses related to digital assets. These websites often contain “red flags” of fraud including claims of high guaranteed returns and promises that the investments carry little or even no risk.

SEC and CFTC staff have recently observed investment scams where fraudsters tout digital asset or “cryptocurrency” advisory and trading businesses. In some cases, the fraudsters claim to invest customers’ funds in proprietary crypto trading systems or in “mining” farms. The fraudsters promise high guaranteed returns (for example, 20-50%) with little or no risk.

After the investors make an investment, typically using a digital asset such as Bitcoin, the fraudsters in some cases stop communicating with the investors altogether. These fraudsters can quickly send your money overseas, with little chance of you being able to get it back. Sometimes the fraudsters direct investors to pay additional costs (such as purported taxes) to withdraw fake “profits” earned from the investment. This is an example of an advance fee fraud scam, where investors are asked to pay a bogus fee in advance of receiving proceeds, money, stock, or warrants.

If anyone tells you that their software or trading service will automatically generate you high ROI, without effort or risk, that’s a scam.

Anyone who develops such a magical system does not need you to invest – they would be keeping it to themselves, and making BILLIONS with no effort or risk.

Please help us fight against such scams – SHARE THIS FACT CHECK with your family and friends!

 

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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 : Petronas 50th Anniversary Survey Contest!

Please watch out for the Petronas 50th Anniversary survey contest scam!

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

 

Petronas 50th Anniversary Survey Scam Alert!

People are now sharing the Petronas 50th Anniversary messages on WhatsApp :

Petronas 50th Anniversary!

Click to enter to participate in the survey, have a chance to win 2000 Ringgit!

 

Petronas 50th Anniversary Survey : Why This Is A Scam

Unfortunately, this is yet another survey scam, like the FamilyMart 70th Anniversary scam!

For one thing – Petronas was incorporated on 17 August 1974, so their 50th anniversary would be on 17 August 2024!

Petronas confirmed that this survey is a scam in a Facebook post :

PETRONAS has been made aware of a scam online “survey” conducted supposedly in conjunction with “PETRONAS’ 50th Anniversary”.

We wish to inform that neither PETRONAS nor any of our subsidiaries within the Group of Companies are involved in this “survey”, and we appeal to the public not to respond or take part.

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 the same survey scam they have been using for years :

Now, let me show you how to spot these scams next time!

If you spot any of these warning signs, DO NOT PROCEED and DO NOT SHARE!

Warning Sign #1 : Bad Grammar

Most of these scammers do not have a good command of the English language, so if you spot bad grammar, stay away.

Proper contests or events sponsored by major brands like Petronas will have at least one PR or marketing person who will vet the text before allowing it to be posted.

Warning Sign #2 : Offering You Free Money Or Gifts

Please do NOT be naive. No one is going to give you money or free gifts just to participate in a survey!

Petronas isn’t going to give you FREE money, just because it’s their anniversary.

They are a corporation whose business is to make money, not a charity to give you free money.

Warning Sign #3 : Not Using The Real Jaya Grocer Domain

A genuine Petronas campaign would use their real domain – www.petronas.com.

Or they would run it off the official Petronas page on Facebook – www.facebook.com/petronas/.

If you see nonsensical domains like 0yjjg61.cn, 1eaf1rnbeef.top, ldxqw.bar, etc. that’s a sign of a SCAM!

Warning Sign #4 : Asking You To Forward The Offer

No brand will insist that you must share the offer with 5 groups or 20 friends on WhatsApp.

Do not click to forward their offer to your family and friends. They will not appreciate being scammed with your help!

Warning Sign #5 : Asking You To Download + Register An App

If you click through and joined the fake survey scam, you will eventually be asked to download and register for an app.

This is VERY DANGEROUS. Never agree to download and register for any unknown app from a website.

Always download your apps from an official App Store like Google Play Store (for Android smartphones) and Apple App Store (for iPhones).

Please help us fight scams like this and SHARE this article out!

 

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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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Did Western Countries Just Steal $600 Billion From Russia?!

Did Western countries just steal US$600 BILLION from Russia?!

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

 

Claim : Western Countries Just Stole $600 Billion From Russia!

Pro-China groups and supporters are sharing this post on social media and WhatsApp, claiming that Western Countries took opportunity of the Ukraine War to steal US$600 billion from Russia.

It’s a long post, so feel free to skip to the next section for the facts!

Good morning. Happy Monday
Those who have read English literature would be familiar with the saying ” A rose by any other name would smell just as sweet”.

What they may not know is that thievery by any other name ,as in sanction, is also thievery.

Of course the West would want to sanitize and justify their actions by avoiding the term “thievery” when they stole Afghanistan’s US$ 7 billion last year. Today they are stealing US$600 billion from Russia’s Central Bank apart from other assets belonging to Russian individuals.

 

Truth : Western Countries Did Not Steal $600 Billion From Russia!

This is yet another example of FAKE NEWS created and/or propagated by the Chinese 50 Cent Army (wumao, 五毛), and here are the reasons why…

Fact #1 : US Did Not Steal US$7 Billion From Afghanistan

The US government did not steal US$7 billion from Afghanistan.

This false claim is based on an executive order by the Biden Administration to freeze approximately US$7 billion worth of US-based assets owned by Afghanistan’s central bank – Da Afghanistan Bank (DAB).

The US Feds are holding onto those assets, so they are not actually being taken or used by the US government.

  • US$3.5 billion will be allocated for “the benefit of the Afghan people”.
  • Another US$3.5 billion will be held, as they are subject to “ongoing litigation by US victims of terrorism”.

In essence, the Biden Administration is blocking the Taliban government from using the assets to purchase what they don’t believe would be in “the benefit of the Afghan people”. Chief on their mind would be weapons, and financing of terrorist activities.

One may argue that the Taliban is the Afghan government of the day – as reprehensible as they may be, and therefore have the right to access all of that money.

That may well be true, but it does not mean that the US government stole the money. After all, they did not take or use it for their own purposes.

I should also point out that the US contributed at least $130 billion to Afghanistan, so it would seem silly for them to “steal” $7 billion from Afghanistan, wouldn’t it?

Read more : Did US Government Steal 7 Billion Dollars From Afghanistan?!
Read more : Did US Steal Gold + Oil From Iraq Worth Trillions Of Dollars?!

Fact #2 : US + Allies Froze $400 Billion Of Russian Assets

Right after Russia invaded Ukraine, the US and its European allies sanctioned Russia’s central bank, preventing it from accessing most of its foreign reserves.

Russia had built up about $630 billion worth of foreign currency and gold reserves in various countries, but the US government and its allies froze about $400 billion of those reserves.

So right off the bat, the claim that the US government stole $600 billion from the Russian bank is wrong.

Not only did the wumao writer (intentionally?) get the figure wrong, it was not just the US government. The European Union also sanctioned the Russian central bank.

Fact #3 : Russian Reserves Were Frozen, Not Seized

The foreign currency and gold reserves of the Russian central bank were FROZEN, not seized.

That blocks the Russian central bank from accessing them in any way, but does allow the US government or any other country to take control of those assets, or use them.

For a Western government to seize any frozen asset, they would have to first prove that the assets are linked to a crime. Until that happens, they too cannot access those assets.

These cases need to be built, there has to be a showing of some sort of underlying theory of forfeiture, there has to be a reason that they are forfeited. The mere fact that somebody the United States has said is a target owns this asset isn’t enough to form a basis of seizure under U.S. law.

That’s the difference between “law-based order” where everyone follows the same rules, and “autocratic order” like in China, where the government can and have arbitrarily seized assets belonging to individuals that have fallen out of favour.

Fact #4 : Only Assets Of Sanctioned Individuals Were Frozen

The post falsely claimed that assets belonging to Russian individuals were also stolen.

Not only were they not stolen, only assets belonging to sanctioned individuals were frozen. The assets of other Russian individuals were not affected.

Chinese netizens need not be overly concerned about their money stashed in Western banks.

Even if China decides to do something similarly evil like Russia, and invade another country, Western banks will only be forced to freeze the assets of those in power, like Chinese President Xi Jinping, for example.

Fact #5 : English Piracy Has No Relevance To Spanish Abuses

The viral post falsely claimed that English pirates attacked Spanish galleons filled with gold and silver, because they looked down on the native people of the Caribbeans and Americas.

That’s an astonishingly silly claim. Pirates attacked Spanish galleons because they were after the cargo, not because they had something against the native people.

Whatever the pirates may think of the native people is irrelevant. They were not remotely interested in the abuses that the Spanish conducted in their theft of gold and silver from the Incas.

This is no different from how robbers are only interested in taking your money, and not at all interested in whether you earned your money through hard work, or stole it from someone else.

Fact #6 : Russian Assets Only Frozen After Invasion Of Ukraine

The viral post falsely suggested that the Russian invasion of Ukraine was planned by the West, as a way to steal Russia’s money.

Not only was the money not stolen at all, Western countries had repeatedly threatened sanctions if Russia invaded Ukraine.

The West tried to prevent Russia from invading Ukraine. Russia explicitly chose to ignore their threats, and invade Ukraine.

Fact #6 : China Has Publicly + Unilaterally Threatened Taiwan

The viral post falsely suggested that the West is planning to target China next for its riches, by goading China to shoot first at Taiwan.

That’s another silly claim. The West does not need to goad China to do something that it is already doing – repeatedly provoking tensions with Taiwan, even publicly threatening military action.

China and its 50 Cent Army have also been actively creating and disseminating fake news and threats not just against Taiwan, but against other countries and Western nations.

Read more : Did China Threaten West With Waterloo In South China Sea?
Read more : US Withdraws After Chinese Jamming Attacks?

Fact #7 : US Cannot Refuse To Repay Its Loans

The writer falsely claimed that the US will sanction China’s ownership of $1 trillion worth of US debt if China attacks Taiwan. That’s nonsense.

China has steadily purchased US Treasury securities as an investment, and a way to push down the value of the renminbi (RMB).

These securities are backed by the “full faith and credit” of the United States, and is considered one of the world’s lowest-risk investments, because they have never defaulted on a payment.

If the United States defaults and refuses to pay China what it’s owed, it would suffer a massive hit to its reputation and credit rating, and the yield rate of its debt would skyrocket.

Even though China owns $1.065 trillion worth of US debt (as of October 2021), that is only 3.68% of the $28.9 trillion US national debt.

It would be idiotic for the US to risk over 96% of its rock-solid bonds, by refusing to repay China for its ownership of those bonds.

This fake news appears to be part of the disinformation campaign conducted by the Chinese 50 Cent Army (wumao, 五毛) to support Russia’s invasion of Ukraine.

Please SHARE this fact check with your family and friends, so they know the truth!

 

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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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Did US Government Steal 7 Billion Dollars From Afghanistan?!

Did the US government just steal 7 BILLION DOLLARS from the poor people in Afghanistan?!

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

 

Claim : US Government Just Stole 7 Billion Dollars From Afghanistan!

Pro-China groups and supporters are actively claiming that the US government stole 7 billion dollars from the poor people in Afghanistan, even while China donates food to them.

Here are a few example posts on social media.

闭上臭嘴。中国给阿富汗捐赠了免费的粮食五次,美国没收了阿富汗70亿美元。
Shut up stupid. China has donated free food to Afghanistan five times, and the United States has confiscated $7 billion from Afghanistan

The US government invaded Afghanistan in the form of washing powder for ten years! After the United States robbed oil gold, it quietly left! Left homeless children and women! The United States still deducted $7 billion from Afghanistan‘s reserves! American government robbers!

2001年美国打着反恐名义侵略阿富汗,2021年撤离阿富汗 掠夺阿富汗人民70亿美元血汗钱
In 2001, the US invaded Afghanistan in the name of counter-terrorism, and in 2021, it will withdraw from the country, plundering the Afghan people’s hard-earned money worth us $7 billion
臭不要脸 Shameless

China Denounces US as ‘Bandits’ for Seizing $7 Billion as Afghans Starve “Global outrage has continued to grow since the Biden administration stole Afghanistan‘s foreign reserves with nearly 23 million Afghans facing acute hunger.”

 

Truth : US Government Did Not Steal 7 Billion Dollars From Afghanistan!

This is yet another example of FAKE NEWS created and/or propagated by the Chinese 50 Cent Army (wumao, 五毛), and here are the reasons why…

Fact #1 : US Froze 7 Billion Dollars Worth Of Afghan Central Bank Assets

First, let us get this right – the US government did not steal US$7 billion from Afghanistan.

This false claim is based on an executive order by the Biden Administration to freeze approximately US$7 billion worth of US-based assets owned by Afghanistan’s central bank – Da Afghanistan Bank (DAB).

As part of our ongoing work to address the humanitarian and economic crisis in Afghanistan, President Biden signed an Executive Order (E.O.) to help enable certain U.S.-based assets belonging to Afghanistan’s central bank, Da Afghanistan Bank (“DAB”), to be used to benefit the Afghan people.

The E.O. will block property of DAB held in the United States by U.S. financial institutions and require U.S. financial institutions to transfer this property into a consolidated account held at the Federal Reserve Bank of New York.

Fact #2 : US Did Not Take / Use The 7 Billion Dollars

The US Feds are holding onto those assets, so they are not actually being taken or used by the US government.

  • US$3.5 billion will be allocated for “the benefit of the Afghan people”.
  • Another US$3.5 billion will be held, as they are subject to “ongoing litigation by US victims of terrorism”.

In essence, the Biden Administration is blocking the Taliban government from using the assets to purchase what they don’t believe would be in “the benefit of the Afghan people”. Chief on their mind would be weapons, and financing of terrorist activities.

One may argue that the Taliban is the Afghan government of the day – as reprehensible as they may be, and therefore have the right to access all of that money.

That may well be true, but it does not mean that the US government stole the money. After all, they did not take or use it for their own purposes.

Fact #3 : US Contributed $130 Billion To Afghanistan

Since their 2001 invasion toppled the Taliban government, the US government has massively funded the reconstruction and development of Afghanistan.

They spent at least $130 billion in funds for security, governance, development and humanitarian needs in Afghanistan.

The Afghan government was also highly dependent on aid, which contributed 40% of its GDP, and 75% of its public expenditure. Most of it came from the US government.

No doubt the US government felt that it at least has the right to dictate what the 7 billion dollars should be used for.

Fact #4 : US Continues To Contribute To Afghanistan

What most people are not aware is the US government has contributed, and continues to contribute, hundreds of millions of dollars to Afghanistan since the Taliban regained power.

On October 28, 2021, the US government announced more than $144 million in additional humanitarian assistance to Afghanistan.

Today, the United States announced more than $144 million in humanitarian assistance to the people affected by the ongoing humanitarian crisis in Afghanistan.

This funding from the U.S. Agency for International Development (USAID) and the U.S. Department of State brought total U.S. humanitarian aid in Afghanistan and for Afghan refugees in the region to nearly $474 million in 2021 alone.

Then the US government announced more than $308 million in humanitarian assistance to Afghanistan on January 11, 2022.

The new contribution from the United States will provide life-saving aid for the most vulnerable, to include women, girls, minority populations, and people with disabilities.

This assistance includes food and nutrition assistance; support for health care facilities and mobile health teams; winterization programs—including the provision of emergency cash grants, shelter kits, heaters, blankets, and warm clothing; and logistics and transportation support to ensure that aid workers and critical relief supplies can make it to the hardest to reach areas.

Fact #5 : Chinese Contribution To Afghanistan Is Paltry

China announced humanitarian aid worth 200 million yuan in September 2021.

While that sounds impressive, it is a paltry $31.4 million – just 4% of what the US has (so far) contributed in 2021 and 2022.

In fact, China is contributing far less than Japan, which has far less economic and geopolitical interest in Afghanistan. Even Sweden has pledged to donate almost twice as much as China.

As this table shows, the truth is quite different from what Chinese propaganda want you to believe.

Country Aid Pledged
To Afghanistan
United States $421 million
European Union $277 million
Germany $182 million
United Kingdom $113 million
France $80 million
Denmark $74 million
Japan $60 million
Sweden $53 million
China $31.4 million
Netherlands $30 million
Canada $27 million

Fact #6 : China Seem More Interested In Publicity

Even though the Chinese pledged the aid in September 2021, they only managed to deliver five shipments of food, medical and humanitarian aid, up until 9 April 2022.

What you will notice though is that each delivery is accompanied by its own distribution ceremony for photo opportunities, and coverage in Chinese media outlets like CGTN, Xinhua, Global Times, etc.

From their constant publicity, you would think that the Chinese alone are supporting the entire Afghanistan on their mighty shoulders.

The truth is – China has always been miserly in its humanitarian aid, and the Chinese know it.

That’s why they often hype up their contribution, even shamelessly hyping up the sale of Chinese COVID-19 vaccines as a contribution to the world.

By casting aspersions on the United States, they deflect criticism for their lack of support of the Afghan people.

Read more : Did China provide 2 billion vaccine doses to the world?

Now that you know the truth, please help us FIGHT FAKE NEWS by sharing this article with your family and friends!

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Name : Adrian Wong
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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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Did US Steal Gold + Oil From Iraq Worth Trillions Of Dollars?!

Did the US steal tens of trillions of dollars worth of gold and oil from Iraq?

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

 

Claim : US Stole Gold + Oil From Iraq Worth Trillions Of Dollars!

People are sharing pictures of US soldiers posing with gold bars, as evidence that the United States sold gold and oil from Iraq worth tens of trillions of dollars!

These pictures have been revived as part of the information warfare surrounding the Russian invasion of Ukraine.

Here the US thieves in Iraq. Bringing democracy aka stealing a country’s gold. Same thing they want to do in Russia. But Russia is no Iraq or Libya.

The #US ransacked and plundered the whole of #Iraq. Banks, museums, all of their gold reserves. The US is the biggest gang of thiefs in the whole history. They have raped most of the planet in the las 50 years. #Ukraine #UkraineRussianWar #UkraineRussiaWar #Russia #Putin #NATO

🇺🇸 “liberates” gold & oil while 🇷🇺 liberates humans.

#Denaƶification & #Demilitarization of #UkroNaƶiLand

 

Truth : US Did Not Steal Gold + Oil From Iraq At All!

This is yet another example of FAKE NEWS created and/or propagated to deflect criticism of Russia’s invasion of Ukraine, and here are the reasons why…

Fact #1 : US Did Not Steal $30 Trillion Of Iraqi Oil

Claims that the US stole $30 trillion worth of oil from Iraq is false. The United States did lose track of 8.7 billion dollars worth of Iraqi funds though.

After the invasion of Iraq concluded, Iraqi oil was sold to help fund the Development Fund of Iraq (DFI).

Other sources of funds include surplus funds (about USD 10 billion) from the UN Oil-For-Food Program, and the sale of seized Iraqi assets. The United States did not truck away Iraqi oil, as claimed.

In July 2010, the US Special Inspector General for Iraq Reconstruction (SIGIR) discovered that the US Department of Defense could not account properly for USD 8.7 billion of DFI funds.

This led the Iraqi Parliament to request the United Nation’s help in demanding that the US return $17 billion of “oil money” that it said was stolen from the Iraqi people :

All the indications are that the institutions of the United States of America committed financial corruption by stealing the money of the Iraqi people, which was allocated to develop Iraq, (and) that it was about $17 billion.
… Our committee decided to send this issue to you … to look into it and restore the stolen money.

There is no evidence that the unaccounted money was repatriated to the United States, or officially taken by the United States.

Even assuming that it was not poor accounting and all of the $8.7 billion was truly stolen, that is a far cry (0.029%) from the $30 trillion that was “allegedly” stolen.

It is also rendered ludicrous by the fact that the United States spent USD 60 billion in the reconstruction of Iraq.

Also consider the fact that Iraqi oil production only reached 4.4 million barrels per day in 2016. Assuming an average sale price of USD 60 per barrel, it would take them 311 years to sell enough oil to make $30 trillion.

Stealing $30 trillion worth of oil would require 1.7 billion oil trucks, or 46,000 of these trucks every day for 100 years!

Fact #2 : US Did Not Steal $20 Trillion Of Iraqi Gold

The United States also did not steal gold from Iraq, certainly not $20 trillion worth of gold!

All those photos of US soldiers with Iraqi gold bars are genuine, but they only show them taking photos with the gold they seized in Iraq.

The Iraqi gold bars (as well as currency and other valuables) that US soldiers seized were transported to the US Army’s headquarters in Kuwait.

There, they were examined by the Secret Service and/or the US Department of Treasury to determine their authenticity and value, before being returned to the Central Iraqi Treasury or the Development Fund of Iraq (DFI).

This is a picture of Lt. Col. Scott Schmidt, who was in charge of the 230th Finance Battalion. The battalion’s job was to seize Iraqi assets like currency, gold bars and other valuables.

In 2003, Iraq had under 6 tonnes of gold reserves, worth less than $70 million. So how can the United States possibly steal 20 trillion dollars worth of gold from Iraq? $20 trillion worth of gold would weigh at least 1,714,285 tonnes in 2003.

Guess how much gold mankind has ever mined in history? Only 190,040 tonnes as of 2019 – which is 11% of what people are claiming that the United States stole from Iraq.

As of October 2019, the value of all the gold in the world was just USD 9.2 trillion – 46% of what the conspiracy theory claims the United States stole from Iraq… and that’s only because gold prices have gone up considerably.

Even with the much higher gold price, it would take an additional 90 years of mining gold before the entire world has $20 trillion worth of gold for the US to steal.

Now that you know the truth, please help us FIGHT FAKE NEWS by sharing this fact check out!

 

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Did NYSE Just Delist Pfizer Over Vaccine Scandal?!

Did the NYSE just delist Pfizer over the recent release of their COVID-19 vaccine documents?!

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

 

Claim : NYSE Just Delisted Pfizer Over Vaccine Scandal!

People are excitedly sharing messages and articles claiming that the New York Stock Exchange (NYSE) just delisted Pfizer over the recent release of their COVID-19 vaccine documents.

Allegedly, this delisting was over 9 pages of Pfizer documents that listed 1,291 side effects from their COMIRNATY mRNA vaccine.

This example of what’s being shared is long, so feel free to skip to the next section for the facts!

Coronavirus was officially declared a pandemic two years ago today (11 March 2020). Ironically today marks the day that Pfizer has been delisted from the New York Stock Exchange.

 

Truth : NYSE Did NOT Delist Pfizer Over Vaccine Scandal!

This is yet another example of anti-Pfizer, anti-vaccine FAKE NEWS being created and propagated by anti-vaccination activists. Here are the reasons why…

Fact #1 : NYSE Did Not Delist Pfizer

It’s really silly, but let me just say it out straight – the New York Stock Exchange did NOT delist Pfizer.

Anyone who takes just 2 seconds to look at the NYSE website, or even Google, would realise that Pfizer Inc. (PFE) is still listed on the New York Stock Exchange!

Not only is Pfizer still on the NYSE, its stock price actually went up by 2.17% on 11 March 2022!

Read more : Was Pfizer COVID-19 Vaccine Proven To Change Our DNA?!

Fact #2 : Pfizer Delisted Its 0.250% Note From NYSE

People are sharing this Form 25 document filed with the SEC (US Securities and Exchange Commission) on 7 March 2022, as evidence that Pfizer was delisted from the NYSE.

The trouble is the Form 25 does not say what they think it said. The Form 25 was not filed to delist Pfizer from the NYSE.

Instead, Pfizer filed that Form 25 to delist its euro-denominated 0.250% notes – basically debt with a payable interest of 0.25% that matured on 7 March 2022.

In short, Pfizer paid off that matured debt with interest, and consequently removed the notes from the NYSE.

It’s even stated in the description of their 7 March 2022 SEC filing on the Pfizer website.

Notification filed by National Security Exchange to report the removal from listing and registration of matured, redeemed or retired securities Initial Filing Amendments

With the delisting of the 0.250% note, only the Pfizer common stock (PFE) and their 1.000% Note are still listed on the NYSE.

Fact #3 : Pfizer Vaccine Not Linked To 1,291 Adverse Events

The articles and messages falsely claimed that the Pfizer-BioNTech COVID-19 vaccine was linked to 1,291 adverse events in the recently-released documents.

That is a gross / intentional misunderstanding of the “List of Adverse Events of Special Interest” (AESI) in one of the documents released by the FDA.

That was a list of potential adverse events that Pfizer would looking out for in their post-vaccination surveillance.

Think of it as a shopping list of adverse events that everyone agreed that Pfizer should be looking out for.

Even if these adverse events did occur, scientists still need to find out if they actually occurred because of the vaccine, or some other causes.

Read more : Did Pfizer Vaccine Documents Reveal 1,291 Side Effects?!

Fact #4 : BioNTech Is Much Smaller Than Pfizer

Whoever wrote that piece is an idiot. A 5 second search would have shown the writer that BioNTech is much… MUCH smaller than Pfizer.

As of 13 March 2022, BioNTech has a market capitalisation of 32.9 billion dollars, while Pfizer is valued at 282.7 billion dollars. In other words, Pfizer is 8.6X “larger” than BioNTech.

While it is technically possible for BioNTech to buy out Pfizer, it would require A LOT of funds, many times more than it is worth. It is far more likely for Pfizer to buy BioNTech.

Fact #5 : Pfizer Acquired Arena Pharmaceuticals That Day

Ironically, Pfizer completed its acquisition of Arena Pharmaceuticals on 11 March 2022 – the day it was claimed that Pfizer was delisted from the NYSE.

Instead of Pfizer being delisted from the NYSE, it was Arena Pharmaceuticals that was delisted from the NASDAQ Global Select Market.

Incidentally, Pfizer purchased Arena for approximately $6.7 billion. While that’s a huge amount of money to most of us, it’s just 2.37% of Pfizer’s market capitalisation.

Fact #6 : Company Acquisitions Do Not Necessarily Change Products

The writer wonders what (vaccine) formula will BioNTech use after they acquire Pfizer. That’s an incredibly stupid comment.

First of all, the COMIRNATY vaccine was developed by BioNTech, not Pfizer. Pfizer is merely their manufacturing and marketing partner, just like Fosun Pharma in China. The vaccine technology and rights belong to BioNTech, not Pfizer.

Secondly, just because a company is acquired does not mean the new owners have to change product formulas, especially if it’s a winner like the COMIRNATY vaccine.

Fact #7 : Vaccines Are Highly Regulated

Unlike consumer products like Coca-Cola, vaccines are highly-regulated.

While you can buy over The Coca-Cola Company, and change the drink’s formula on a whim; changing the vaccine formula will mean new clinical trials and a new approval process.

And consider the absurdity of BioNTech buying over Pfizer, merely to change its own formula? This logic pretzel is simply astounding.

Don’t risk your life or your family’s lives on the bad science and misinformation.

Please help me fight fake news, by sharing this fact check with your family and friends!

 

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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!

 

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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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Penang Smart Parking : RM4.40 Glitch Fixed!

The Penang Smart Parking glitch that reduced everyone’s account balance to just RM4.40 has been FIXED!

Here is what you need to know…

 

Penang Smart Parking Glitch Reduced Balance To RM4.40!

On 19 January 2022, drivers in Penang received a surprise when their Penang Smart Parking app showed a balance of just RM 4.40.

Many took to social media to ask if their accounts were hacked, or claim that the Penang Smart Parking app was hacked.

Currently, it does NOT appear to be a hack, as everyone reported the same RM4.40 balance in their account.

 

Penang Smart Parking Glitch Fixed, Balances Synced By Tomorrow!

When the problem first cropped up, the Penang Smart Parking team asked the public not to worry if their account balance shows RM4.40, as their eWallet balances remain secure and intact.

At 5:51 PM, the PSP team announced that they successfully fixed the problem, and restored the correct eWallet record.

All transactions will be synchronised after operating hours today at 6:00 PM, and is expected to be completed by 6 AM on 20 January 2022.

 

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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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Can SIM Swap Attack Empty Bank Accounts Without Warning?

Can a SIM swap attack clear out your bank accounts without warning?

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

 

Claim : SIM Swap Attack Can Empty Bank Accounts Without Warning!

This message has gone viral on social media and WhatsApp, warning about a new high tech fraud called SIM Swap Fraud that can empty bank accounts without warning.

The message includes a link to a Straits Times report about a young couple who lost $120,000 in a fake text message scam targeting OCBC Bank customers.

Your BANK Account could be Emptied without an Alert!

Dear All, Please let’s be very careful.. There is a new HIGH TECH FRAUD in town called the SIM SWAP FRAUD, and hundreds of persons are already VICTIMS.

 

Truth : SIM Swap Attack Are Real, But Don’t Work Like That

The truth is – SIM swap attacks are real and very dangerous, but they do not work like the viral message claims.

Here is what you need to know about the viral message, and SIM swap attacks.

Fact #1 : SIM Swap Attacks Are Not New

SIM swap attacks are really not that new. They have been around at least since 2015.

Fact #2 : Viral Message Is Partly Fake

The viral message is correct about the risk of SIM swap attacks, but pretty much wrong about everything else.

In fact, the method by which the SIM swap attack works is completely made up. So the viral message is really FAKE NEWS.

Fact #3 : Straits Times Article Was Not About SIM Swap

The fake news creator added a link to a Straits Time article, to mislead you.

That’s because the article isn’t about a SIM swap attack, but a phishing attack, where the victim received an SMS  with a link that took him to a fake website that “looked exactly like the OCBC login page“.

The victim then keyed in his bank login details, thus handing over control of his bank account to the scammers. He also ignored automated messages warning him that his “account was being setup on another phone“.

It had nothing to do with a SIM swap attack. It was an SMS-based phishing attack.

Fact #4 : SIM Swap Attack Generally Does Not Require Any Action

In most SIM swap attacks, scammers use your personal information, either purchased from other criminals or obtained through earlier phishing attacks or social engineering, to request for a SIM card replacement.

All that does not require any action on your part. In most cases, you only realise you’ve been hit when you lose access to your mobile number.

Fact #5 : SIM Swap Attack May Require Action In Some Cases

The Press 1 claim in the viral message is partially correct, but it only happens in a particular circumstance.

In India, scammers have tricked people by offering a free network upgrade, or to help improve signal quality on their phones :

  1. The scammer will call the victim, claiming to be from their mobile service provider.
  2. The scammer will try to get the victim to reveal his/her 20-digit SIM card number.
  3. The scammer will use the 20-digit SIM number to initiate a SIM swap with the mobile service provider.
  4. The mobile service provider will automatically send an SMS to confirm the swap.
  5. Once the victim confirms the swap, his/her SIM card will stop working.
  6. The scammer now has access to the victim’s mobile number.

Fact #6 : SIM Swap Attack Does Not Hack Your Phone

The SIM swap attack does not involve any hacking of your phone.

You only lose access to your mobile number. Your phone is not hacked.

Fact #7 : SIM Swap Attack Does Not Empty Bank Accounts

Once the scammers successfully gain control of your mobile number, they can use it to intercept one-time passwords (OTP) like TAC numbers.

This allows them to change passwords to your bank accounts, social media accounts, etc. which is why SIM swap attacks are so dangerous and damaging.

However, it does not mean your bank accounts are immediately emptied. For one thing – the scammers need to know your bank login.

That’s why SIM swap victims often have had their bank logins and passwords stolen earlier though phishing attacks. The scammers only need their mobile numbers to receive OTP / TAC numbers to authenticate the transfers.

Fact #8 : SIM Swap Attack Can Be Used To Cheat Friends Too!

Stealing money from your bank account requires extra work, so scammers who do not have your bank login details will resort to cheating your friends.

With access to your phone number, they can easily gain access to your social media accounts (Facebook, Twitter, Instagram) as well as instant messaging apps (WhatsApp, Telegram).

Once they have control, they can send messages to your friends, pretending to be you. Naturally, they will concoct some story to ask your friends for money.

The idea is to use your (now) stolen accounts to convince your friends that you genuinely need their help. The money that they transfer goes directly to the scammers, or their mules (people who rent their bank accounts to scammers).

Now that you know the facts behind the SIM swap attack or scam, please SHARE this article with your family and friends!

 

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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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UOB Buys Citibank Malaysia, Indonesia, Thailand + Vietnam!

UOB just announced that they will take over Citibank consumer business in Malaysia, Indonesia, Thailand and Vietnam!

Here is what you need to know…

 

UOB Buys Citibank Malaysia, Indonesia, Thailand + Vietnam!

On 14 January 2022, UOB announced that they won the bid to take over Citibank consumer business in Malaysia, Indonesia, Thailand and Vietnam.

The acquisition of Citibank in Malaysia, Indonesia, Thailand and Vietnam will cost UOB about S$5 billion (about RM15.5 billion or USD 3.72 billion).

When completed around early 2024, the acquisition of Citibank Malaysia, Indonesia, Thailand and Vietnam will expand UOB’s retail customer base to approximately 10 billion in the region (including Singapore).

The sale comes more than 8 months after Citi announced in April 2021 that it would be exiting the consumer banking market in 13 markets. Citi, however, will continue to retain its Singapore assets.

The acquisition will affect some 5,000 Citi employees in those four countries, about 36% of whom have worked at Citi for more than a decade.

 

Official Statement By Citibank Malaysia On UOB Purchase

On 14 January 2022, Citibank Malaysia issued this advisory on the acquisition of Citi’s Consumer Banking business in Malaysia :

Dear Valued Customer,

I am writing to let you know that Citi in Malaysia has reached an agreement with UOB Group for the acquisition of Citi’s Consumer Banking business in Malaysia.

This is a positive outcome for Citi, our people, and our customers.

UOB Group will acquire Citi’s consumer business which includes credit cards, personal loans, retail banking, mortgages and wealth management solutions for high net-worth individuals.

We are delighted to find a strong partner in UOB Group, a leading Pan-Asian institution committed to providing great products, services and customer experiences. They have established a strong presence in Southeast Asia backed by a global network of 500 offices and have a reputation for building lasting relationships with customers.

Rest assured, there will be no immediate impact to your credit card accounts, loan accounts, deposits, investments, or any other product you may hold with us. This announcement is the start of a process that we expect will take time, with closing of the transaction subject to regulatory approvals.

Until such time, all our Consumer Banking business operations, Citibank service teams including our Relationship Managers, branches, call centers, Citibank Online and mobile banking services, will continue to serve you as usual.

Citi remains committed to serving you with excellence. Together with UOB Group, we will be sharing further updates with you in the future.

 

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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 : TnG eWallet 5th Anniversary Survey!

Please watch out for the TnG eWallet 5th Anniversary survey scam!

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

 

TnG eWallet 5th Anniversary Survey Scam Alert!

People are now sharing the TnG eWallet 5th Anniversary messages on WhatsApp :

Touch n’Go eWallet 5th Anniversary!

Click to enter to participate in the survey, have a chance to win 2000 Ringgit .

 

TnG eWallet 5th Anniversary Survey : Why This Is A Scam

Unfortunately, this is yet another survey scam, like the FamilyMart 70th Anniversary scam!

For one thing – the TnG eWallet was only launched in July 2017, so it would only be celebrating its 5th anniversary in July 2022!

TnG eWallet also confirmed that this survey is a scam.

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 the same survey scam they have been using for years :

Now, let me show you how to spot these scams next time!

If you spot any of these warning signs, DO NOT PROCEED and DO NOT SHARE!

Warning Sign #1 : Bad Grammar

Most of these scammers do not have a good command of the English language, so if you spot bad grammar, stay away.

This scammer even got the spelling of the brand wrong! It’s Touch ‘n Go, not Touch n’Go.

Proper contests or events sponsored by major brands like TnG eWallet will have a PR or marketing person who will vet the text before allowing it to be posted.

Warning Sign #2 : Offering You Free Money Or Gifts

Please do NOT be naive. No one is going to give you money or free gifts just to participate in a survey!

Touch ‘n Go isn’t going to give you so much FREE money, just because it’s their anniversary.

They are a corporation whose business is to make money, not a charity to give you free money.

Warning Sign #3 : Not Using The Real Domain

A genuine TNG eWallet campaign would use their real domain – www.touchngo.com.my or www.tngdigital.com.my, not di47823.shop as shown in the scam post above.

Or they would run it off the official TnG eWallet page on Facebook – www.facebook.com/touchngoewallet/.

If you see nonsensical domains like childrerdg.xyz, uglyarticle.club, ldxqw.bar, etc. that’s a sign of a SCAM!

Warning Sign #4 : Asking You To Forward The Offer

No matter how many times you “try” this scam, you will ALWAYS win the RM 2000 “prize”.

If you don’t find that odd, you should know that no brand will insist that you must share the offer with 5 groups or 20 friends on WhatsApp.

Do not click to forward their offer to your family and friends. They will not appreciate being scammed with your help!

Warning Sign #5 : Asking You To Download + Register An App

If you click through and joined the fake survey scam, you may eventually be asked to download and register for an app.

That is VERY DANGEROUS. Never agree to download and register for any unknown app from a website.

Always download your apps from an official App Store like Google Play Store (for Android smartphones) and Apple App Store (for iPhones).

 

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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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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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