The Arrests

The suspects were apprehended during an anti-scam operation conducted by the Singaporean police between August 14 and 25. The group included seven men and four women, aged 17 to 25. Additionally, two other women and another teenager are currently assisting with the investigation.

The Scheme

According to preliminary reports, the individuals are accused of facilitating scams by providing access to their bank accounts, internet banking credentials, and even their Singpass details for financial gain. This marks a concerning trend where malware attacks on Android devices have been on the rise since January of this year.

Modus Operandi

Victims reportedly fell into the scam trap after responding to ads on social media platforms. They were then coerced into downloading malicious Android Package Kits from non-official app stores. Once downloaded, scammers were able to convince victims to enable accessibility features on their Android phones, giving the scammers complete control over the device. The result? Unauthorized transactions from the victims’ bank accounts, even when no credentials were shared.

Masking the Crime

To further cover their tracks, the scammers could delete SMS and email notifications of bank transfers, making it harder for victims to detect the fraudulent activity.

Police Advisory

The police have issued a warning against clicking on suspicious links, scanning unknown QR codes, or downloading apps from third-party websites. Official app stores are strongly recommended, and users should be cautious when sharing personal information like Singpass and banking credentials.

Previous Cases and Ongoing Investigations

Earlier in August and June, similar arrests were made, with victims losing more than S$221,000 (approximately US$164,000), including more than S$114,000 in CPF savings. Investigations are still ongoing.

Legal Repercussions

Convicts face harsh penalties, ranging from up to 10 years in jail and fines of up to S$500,000. Lesser charges include three years of imprisonment and a fine under the Penal Code, while others may also face charges under the Computer Misuse Act.

Conclusion

This case serves as a stern reminder of the risks associated with cybercrime, particularly targeting banking apps and sensitive personal information. Always adhere to safety guidelines and be cautious when dealing with offers or requests online.

Source: https://www.channelnewsasia.com/singapore/android-banking-malware-scams-teenagers-13-arrested-singpass-3726446

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New Payment Flexibility

Chua Lay Hoon, the COO of IJM Toll Division, stated that the new system would align with the government’s ongoing efforts to improve highway user experience. With SPT, highway users can now pay tolls using not just existing methods like Touch ‘n Go, SmartTag, and RFID, but also debit and credit cards, as well as prepaid cards.

How to Spot the SPT Lanes

To facilitate a smooth transition, lanes that are equipped with the new SPT system are clearly marked. Distinctive signs at toll booths will guide motorists towards these lanes.

Important Reminder for Motorists

While this seems like a step forward, users should note that they need to ensure sufficient balance in their credit cards before making toll payments. In case of a transaction hiccup, the system allows for quick switchover to alternative bank cards or the ever-reliable Touch ‘n Go card.

Conclusion

IJM Toll Division believes that the SPT system will not only make toll payments more convenient for highway users but also streamline the toll collection process. While this is a pilot phase, its success could mark a significant advancement in the Malaysian toll collection system.

So, next time you’re on the Besraya or NPE highways, don’t forget to look out for these new SPT lanes and give them a try.

Happy driving!

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Bank Negara Malaysia (BNM) and the Monetary Authority of Singapore (MAS) jointly launched a cross-border QR code payment system that allows customers of participating financial institutions to make retail payments by scanning DuitNow QR and NETS QR codes. This payment linkage will support both in-person payments through the scanning of physical QR codes displayed by merchants and online cross-border e-commerce transactions.

The DuitNow-NETS QR code payment linkage marks a significant step forward in the collaboration between Malaysia and Singapore to enhance cross-border payments connectivity. With pre-pandemic annual traffic between the two countries averaging 12 million visitors, this payment linkage will provide merchants and consumers with a more seamless and efficient means to make and receive payments. It aligns with the ASEAN Payment Connectivity Initiative and the G20 Roadmap for Enhancing Cross-border Payments, demonstrating both countries’ commitment to improving the cost, speed, access, and transparency of cross-border payments.

The initiative is a result of strong collaboration between various industry players from both countries, including Payments Network Malaysia Sdn. Bhd. (PayNet), Network for Electronic Transfers (Singapore) Pte. Ltd (NETS), the Association of Banks in Singapore, and participating financial institutions from both countries.

In the next phase, BNM and MAS plan to expand the payment linkage to enable cross-border account-to-account fund transfers and remittances, allowing users to make real-time fund transfers between Malaysia and Singapore conveniently using just the recipient’s mobile phone number via DuitNow and PayNow. The service is expected to go live by the end of 2023.

According to Bank Negara Malaysia Governor Tan Sri Nor Shamsiah Mohd Yunus, this payment linkage is a significant step forward in realizing the vision of an ASEAN network of fast, efficient, and interconnected retail payment systems. It will benefit millions of commuters and businesses in both countries and boost retail businesses’ growth. He also highlighted their commitment to accelerate their digitalization agenda for increased regional economic and financial integration.

Managing Director of the Monetary Authority of Singapore, Mr. Ravi Menon, emphasized that this QR code linkage between Singapore and Malaysia is a crucial milestone in ASEAN’s journey towards seamless regional payments connectivity, boosting cross-border commerce and enabling small businesses to tap into a wider pool of consumers.

Source: https://www.bnm.gov.my/-/qrcode-connectivity-my-sg

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The Enablers

In Malaysia, several e-wallet brands are leading the way in digital payments. Boost, GrabPay, and Touch ‘n Go eWallet are some of the most popular e-wallets in the country, and are widely used for a variety of transactions, including payments for transportation, food delivery, online shopping, and bill payments.

In addition to e-wallets, many banks in Malaysia offer digital payment services that allow customers to make payments and transfer funds using their mobile devices. For example, Maybank2u, CIMB Clicks, and RHB Now are all popular digital banking services that provide customers with a convenient and secure way to manage their finances.

Other service providers in Malaysia are also contributing to the growth of digital payments in the country. For example, iPay88, senangPay, ToyyibPay or edxaPay is a payments processing company that provides payment gateway services to businesses, enabling them to accept payments from a range of digital channels, including credit and debit cards, e-wallets, and online banking.

QR Code, The Future of Payment

The “e-Conomy SEA 2022” report highlights the importance of payment infrastructure in driving the growth of digital payments in Southeast Asia. The report notes that the widespread adoption of QR codes, the development of real-time payment systems, and the expansion of card payment networks have all played a significant role in facilitating the growth of digital payments in the region.

The report also predicts that the value of digital payments in Southeast Asia will continue to grow at a compound annual growth rate (CAGR) about 27% from 2020 to 2025, reaching a value of $1.17 trillion by 2025. This growth is expected to be driven by several factors, including the increasing adoption of digital payments by consumers and merchants, the expansion of digital wallets and payment infrastructure, and the growth of e-commerce and other digital services.

Final Words

In conclusion, the “e-Conomy SEA 2022” report highlights the growing importance of digital payments in Southeast Asia’s digital economy. With the increasing adoption of mobile devices and the proliferation of payment infrastructure, e-wallets, banks, and other service providers are well-positioned to continue driving the growth of digital payments in the region.

Source: https://services.google.com/fh/files/misc/e_conomy_sea_2022_report.pd

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Mari kita kupas serba sedikit cara-cara lain untuk menerima bayaran daripada pelanggan selain tunai.

1. Cek

Pemilik syarikat atau individu yang mempunyai akaun semasa biasanya menggunakan cek untuk membuat proses pembayaran. Tarikh yang ditulis diatas cek hendaklah diperiksa terlebih dahulu kerana anda akan mengalami gangguan aliran tunai jika tarikh yang tertera diatas cek adalah tarikh masa depan. Cek hanya boleh ditunaikan mengikut tarikh yang tertera pada cek tersebut.                                                                 

• Deposit Tunai di CDM

Selain daripada itu, deposit tunai (CDM) juga menjadi pilihan pelanggan untuk membuat pembayaran kerana ada sesetengah daripada meraka tidak mempunyai online banking.

• Online Transfer

Online transfer juga merupakan kaedah yang digunakan oleh kebanyakan pelanggan pada masa kini. Pelanggan perlu melalui proses log masuk menggunakan browser atau apps untuk membuat transaksi pembayaran. Selepas itu, pelanggan akan kongsikan bukti pembayaran kepada peniaga secara manual.

• Kad Debit/Kredit

Pada masa kini Kad Kredit/debit juga menjadi salah satu cara pembayaran yang semakin popular di kalangan pelanggan. Selain daripada proses pembayaran menjadi lebih pantas, pelanggan juga akan mendapat manfaat seperti mata ganjaran, diskaun dan pulangan tunai (cashback). Anda hanya perlu swipe atau masukkan nombor PIN kad anda dan selesai! Lebih canggih, hanya “wave” sahaja.

• QR Pay

Melalui QRPay, pembeli boleh membuat pembayaran melalui telefon hanya dengan mengimbas kod khas yang disediakan oleh penjual. Pelanggan hanya perlu ada sambungan internet dan fungsi kamera atau applikasi QR code scanner.

• E-Wallet

E-Wallet atau e-Dompet bertujuan untuk menggantikan dompet fizikal supaya kita tidak perlu lagi membawa wang tunai atau beg tangan ke mana-mana. Pelanggan juga hanya perlu membuka aplikasi dalam telefon mudah alih mereka untuk membuat pembayaran. Semua kini mudah hanya di hujung jari anda!

• Payment Gateway

Akhir sekali, gerbang pembayaran atau payment gateway kini semakin mendapat tempat bukan sahaja dikalangan peniaga online yang mempunyai website (E-Commerce) malah peniaga yang mempunyai kedai sendiri.

Payment gateway seperti edxaPay memberi pelbagai cara untuk pelanggan membayar dengan mudah sama ada melalui kad debit/kredit, perbankan internet, pembayaran tunai dan juga e-wallet. EdxaPay juga memboleh kan peniaga mengutip bayaran daripada pelanggan melalui pelbagai platform media sosial termasuk Facebook, Instagram, WhatsApp dan lain-lain.

Begitulah serba sedikit ringkasan tentang cara terima bayaran selain daripada duit tunai.

Dengan cara terima pembayaran selain tunai juga dapat membantu peniaga untuk kelangsungan bisnes mereka. Semoga dengan perkongsian ini dapat memberi serba sedikit peluang yang luas kepada peniaga untuk keluar dari zon selesa.                                          

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