TRANSACTION COOLING-OFF PERIOD OPTION SHOULD BE PROVIDED TO TACKLE CYBER CRIME  

KUALA LUMPUR, July 3 (Bernama) -- The increasing number of sophisticated cyber threats due to the use of advanced software, such as deepfakes among scammers, requires enhanced protection measures to safeguard public transactions.

Malaysian Communications and Multimedia Commission (MCMC) member Derek John Fernandez said the Government could provide an opportunity for protection by offering a longer cooling-off period option to those making a first-time transaction to an unknown account over a certain amount.

“A simple rule of a 48-hour float would enable a victim who suspects a scam sufficient time to stop the transaction.

“If we don't have the buffer period, the money will be transferred to a mule account, and people automatically get scammed.

“I believe people should be given some breathing space, certainly more than 12 hours, for transferring cash to another account over a minimum amount,” he told reporters at the 2nd Annual Anti-Fraud Leaders’ Summit held here today.

Fernandez said that such a simple, yet effective measure is required to protect the public from sophisticated scams that even victimise people who have some knowledge of online scams.

He also acknowledged that these measures may not eliminate all risks but stressed their potential to safeguard the majority of transactions.

In addressing concerns about cybersecurity resources, Fernandez emphasised the integration of cybersecurity as a fundamental component of infrastructure, rather than just operational expenses.

“Not everyone understands the security issues. Cybersecurity should be viewed as a capital expenditure and part of infrastructure,” he said.

In his opening speech earlier, Fernandez also pointed out the role of insurance companies in safeguarding the public's transactions.

He said that insurance agencies or companies could step in to give people extra protection for every transaction made by assuring compensation would be given if things go wrong.

“Why don't insurance companies insure digital transactions? On every transaction, a small amount is put into a central account administered by the central bank, and in case anything happens, compensation can be given to the victim in appropriate cases.

“A lot of people can be protected this way,” he said.

Over 40 anti-fraud leaders and expert speakers from key industries such as finance, accounting, management, digital security, and cybersecurity are participating in the two-day summit

-- BERNAMA