One in three Malaysians share banking passwords

29 Oct 2023 10:45pm
Bank Negara (BNM) Deputy Governor  Adnan Zaylani Mohamad Zahid - FILE PIX
Bank Negara (BNM) Deputy Governor  Adnan Zaylani Mohamad Zahid - FILE PIX
KULAI - The digital financial literacy level of Malaysians is very worrying, as one out of three individuals are found to be sharing their banking passwords.

Bank Negara (BNM) Deputy Governor Adnan Zaylani Mohamad Zahid said that more than 70 percent of people in this country do not pay attention to security factors when it comes to dealing with digital financial platforms.

According to Adnan the act of sharing banking passwords will make anyone vulnerable to financial fraud.

"Since last year, initiatives to improve digital financial literacy have been launched by FEN (Financial Education Network) and the financial industry including FEN's outreach programmes to rural areas and higher education institutions, focusing on strengthening the cyber security of financial consumers.

"This is also the reason we launched the Proactive FEN financial literacy programme, which is for youths studying in institutions of higher learning) this programme also integrates a digital financial literacy module.

" In todays dynamic financial and economic environment, the journey of empowering oneself with financial education has no end," he said at the at the Closing Ceremony of the Financial Literacy Carnival in conjunction with Financial Literacy Month at AEON Mall Kulai Jaya.

The event was officiated by Deputy Minister of Finance 1, Datuk Seri Ahmad Maslan on Sunday.

Meanwhile, Adnan added that the Covid-19 pandemic has opened up new opportunities, especially for businesses to move online and to focus on the green economy agenda.

He said that the World Bank also estimated that 79 percent of people in this country used digital financial services in 2021, with 45 percent using it for the first time.
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"This development indeed opens up new economic opportunities for Malaysians, especially for traders in increasing productivity, reducing costs and exploring new business models that are more competitive," he said.