RM23,080 Vanishes Overnight: Ipoh Couple’s Fixed Deposit Drained Despite ‘Verified’ Security Measures

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In the quiet city of Ipoh, Perak, an ordinary couple’s financial nightmare has sparked a debate about the vulnerability of digital banking systems.

Ling Yoke Suan and her husband, Yong Kui Hin, woke up one morning to find their children’s education fund had vanished from their fixed deposit accounts.

Their hard-earned savings, totaling RM23,080 and earmarked for their children’s future education, disappeared without a trace.

The couple, who run to a small aquarium shop, say they received no alerts or one-time passwords for the 17 transactions made to six different bank accounts in the early hours of 9 September.

Bank Claims ‘All security measures verified’

This incident raises troubling questions about the security of digital banking:

1. How secure are our savings in the digital age?
2. Are banks doing enough to protect customers from sophisticated cyber threats?
3. Who bears responsibility when digital systems fail?

According to Ling, the bank asserts that all necessary security measures, including online login credentials, passwords, and security questions, were correctly verified during the transactions.

Based on this, the financial institution has absolved itself of any responsibility for the losses and has declined to offer compensation to the affected couple.

Couple Turns to Financial Authorities

This stance has left Ling and her husband feeling abandoned by the very system they trusted to protect their savings.

A press conference was organized by Perak MCA Public Services and Complaints Bureau, which shed light on the couple’s shocking discovery of their drained bank account, The Star reported.

In their quest for answers, the couple approached Bank Negara Malaysia (BNM), subsequently directing them to the Ombudsman for Financial Services (OFS) for further assistance.

They are not just looking for compensation but also want to understand how this happened and ensure that it doesn’t happen to others.

Digital fraud: A growing threat to online banking

Malaysia has experienced a notable rise in scams, with a reported loss of RM54.02 billion and 74% of respondents encountering scams monthly in 2023.

The banking sector faces significant threats as digital fraud attacks emerged 19% year-on-year, primarily affecting online services.

If you suspect you’ve been scammed, call the National Scam Response Center (NSRC) at 997 (8 am to 8 pm) or your bank’s fraud hotline immediately.

After notifying your bank or the NSRC, you should file a police report at the nearest police station as soon as possible.

Regularly check your transaction records for any suspicious activities to catch further issues early.

READ MORE: Scam Jam: Bank Negara Malaysia’s Rock-Solid Plan To Crush Fraud

READ MORE: Does Being Highly Educated Mean You’re Scam-Proof? Think Again!

READ MORE: (Watch) Check-mated: An iPhone Seller’s Harrowing Tale Of A Bounced Scam

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