Just about everyone has received some form of scam call, text message or email.
With scammers targeting digital natives, who are mainly Gen Z, good financial literacy is key to preventing youths from being conned.
“As those under the age of 18 can only create a bank account with consent from a parent or legal guardian, they are likely to turn to their peers for help as they see no harm in sharing such sensitive information,” she said, adding that students’ lack of financial literacy aligns with how vulnerable they can be to online fraud and mule accounts.
“Some of the most common types of microtransactions range from in-game currencies and loot boxes to battle passes and season passes.Youths become easy targets when they do not understand the consequences of disclosing their personal data, Walker warned. “Scam websites and messages are so genuine-looking that it takes trained eyes and minds to differentiate genuine offers from scams,” she said.
“When they eventually realise this practice is not feasible, they may give up on their plans altogether, or resort to taking loans or high-interest credit to fund these goals, which might also explain the high debt and bankruptcy rate among young people,” she said. “This can help them understand how to set financial goals and work towards achievable milestones,” Walker said, adding that practical experience, which includes managing money through part-time work and managing a savings account, can help make complex financial concepts more relevant and easy to understand, and raise awareness of good spending habits and attitudes towards money.
Citing an example, she said those who are impulsive, gullible, irresponsible, overly trusting, lonely and not able to recognise deception cues, tend to fall prey despite being aware of scams. “Once the student opens the door for communication by accepting a request or confirming interest, the scammer already has a good chance of succeeding,” Geshina said, adding that ways or mechanisms to detect signs of scams before and during the process of the crime being committed focus on the use of language, security of data systems, and fraudulent survey websites.
The Royal Malaysia Police is also collaborating with Universiti Tunku Abdul Rahman and the Malaysia Crime Prevention Foundation in conducting surveys on the effectiveness of anti-scam campaigns in the prevention of commercial crime.UTAR Assistant Prof Dr Sharon Wilson Ramendran said three surveys on Malaysian youths’ susceptibility and risk factors in investment scams, factors that influence financial cybercrime, and factors that cause job and youth scams, are ongoing.
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