With the Covid-19 pandemic and the advancement of technology, it’s more convenient than ever to go cashless. However, make sure to always keep track of your finances so that your money remains safe. Recently, a Malaysian man was shocked to discover that he lost more than RM12,000 in his bank account and did not receive any notification that there were any transactions performed.
The man, Chia, said on his Facebook that he wanted to purchase sports equipment costing RM700 using his debit card on 1 September 2021 and was surprised when he was informed that his account balance was insufficient. He logged in to his bank account and discovered that there was only about RM70 left. In addition, he found that just a few hours ago, about RM1,000 had been transferred out from his account without his knowledge.
He immediately called the bank to freeze his account and to report the transactions. The bank informed him that the hacker had used Chia’s money to buy games. Chia told the bank to block his cards and stop all transactions. He made an appointment to visit the bank on 3 September 2021 as well.
To prepare for the meeting with the bank, he downloaded his bank statements and was shocked to see that there was another RM200 that was transferred out the next day. Chia immediately started checking all of his transactions and found that from the beginning of the year, the hacker had made many transfers without his knowledge.
After calculating, he saw that the cumulative amount stolen from his bank account was more than RM12,000. Hence, he decided to lodge a police report straight away. Chia admitted that he did not notice for so long because this account was used for online shopping only so he did not check it often. At first, the hacker was smart and only transferred small amounts but in July and August, the number of transactions increased.
Chia explained that he had been busy during the past three months with his thesis and he wasn’t aware of any transactions as he did not receive any One-Time Password (OTP) from the bank at all. He also clarified to the police that he did not link this debit card to any app.
Chia also met with the bank and the staff told him that they could only help him submit a dispute form. However, there were no guarantees that he would be refunded the full amount as some of the transactions were too old. The bank also informed that the investigation process would take about 30 days to 90 days before a resolution could be achieved.
He also reminded everyone to always be aware and check their bank accounts regularly so any fraudulent transactions could be stopped immediately.
Featured image taken from Investopedia and Facebook | Chia Kai Xian.