Wednesday, May 3, 2023

Fighting chance to beat scammers

KUALA LUMPUR: The idea of adopting a 48-hour “cooling period” when money above a threshold is transferred to new bank accounts might give scam victims enough time to pull their money back from the brink before it reaches the greasy hands of scammers.

Cybersecurity law expert and lawyer Derek John Fernandez said that is one of the ways authorities and financial institutions can stop a financial scam.

He said that as victims usually realise they are scammed after 24 hours, there is another 24-hour window for banks to stop the transaction.

ALSO READ : Cutting off the SMS channel scam route

Fernandez said this is among the immediate measures he has proposed in a 75-page paper to the government on what the authorities can do to protect consumers from financial scams.

The good-funds model, which has a cooling-off period for first-time transactions between individual accounts, is practised in some countries such as Australia to ensure that there is no fraudulent activity before funds are transferred for the first time.

“Such a period will enable a person to inform the bank of a scam transaction to a mule account and stop the payment,” said Fernandez.

“At the moment, in Malaysia, a cooling-off period is only observed for the first-time enrolment of online banking services or secure devices. During this time, no online banking activity is allowed to be conducted,” he added.

Fernandez pointed out that the average consumer is ill-equipped to combat cybersecurity threats and cybercrime by themselves.

He said the country had embraced digitalisation without proper consideration of cybersecurity.

ALSO READ : Large amounts cleared out in minutes

“The true cost of digitalisation has been totally understated because the cost of cybersecurity had not been factored in properly. We have emboldened criminals and given them great opportunities to commit crimes in the safety of being outside our country.

“Now cybercrime is the third biggest criminal activity in the world and is growing,” said Fernandez.

“Those who profit the most from digitalisation should be made to bear the true cost of cybersecurity and the losses that occur due to weaknesses in the technology they used to create those profits.

“The government itself is unable to pay totally for the cost of cybersecurity and those companies who have profited the most from digitalisation must bear a proportionate and fair cost of cybersecurity. They must be made to protect their customers with sufficient resources,” said Fernandez.

A concerted effort by law enforcement agencies, financial institutions and telco service providers to coordinate a rapid response for online financial scams is also the key to enabling vulnerable victims of scammers to at least get some of their money back, said National Anti-Financial Crime Centre (NFCC) director-general Datuk Seri Mustafar Ali.

He said that while educating the public on scam awareness is an important step in mitigating the risk of scams, there are several other robust measures that can be put in place to help prevent scams from occurring.

Mustafar listed the factors as improved legislation, enhanced consumer protection, increased enforcement, stronger cybersecurity and better collaboration between government agencies, businesses and consumers that can help identify new types of scams and develop more effective strategies for preventing them.

“Governments can put in place laws and regulations that make it easier to prosecute scammers and discourage fraudulent activities,” he said.

Mustafar, who also heads the National Scam Response Centre (NSRC), which was set up late last year, added that a proposal is in the pipeline to amend the laws and regulatory mechanisms relating to scam victim restitution, mule accounts and the power of the investigating officer.

“Law enforcement agencies can work more closely with financial institutions and businesses to track down and prosecute scammers,” said Mustafar.

He sees NSRC as the command centre – focusing on online financial scams – to coordinate efforts among law enforcement agencies (NFCC, police, Bank Negara and the Malaysian Communication and Multimedia Commission) together with financial institutions and telco service providers to coordinate rapid response for online financial scams.

“However, there is still much work to be done to combat scams and fraud, shift public attitudes towards greater awareness and caution, improve the efficiency and transparency of the financial system, and take effective enforcement actions against criminals,” said Mustafar.

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Tuesday, May 2, 2023

Many turn to using dubious titles

Council lodges police reports over people with fake Datuk, Datuk Seri and Tan Sri titles

PETALING JAYA: Eight individuals, including personalities from the corporate and entertainment industries, had police reports lodged against them for allegedly using unrecognised and dubious titles.

The Council of Dato and Datuk Malaysia (MDDM) secretary-general Datuk Samson Maman said nine reports were lodged, eight against the individuals for misusing Datuk, Datuk Seri and Tan Sri titles, and one collective report in general.

“These individuals even include the titles in their designations when appearing on televised talk shows.

“Based on our information and checks, their honorifics are actually fake,” he told reporters at the Puchong Jaya police station yesterday.

Samson said there were also business and prominent NGO personalities using unrecognised and dubious titles.

He said some individuals also included their “titles” in the records of the Companies Commission of Malaysia and the Registrar of Societies (ROS) to enhance their corporate status.

“What is the purpose of doing this when your name as per the identity card should suffice?” he said, adding that MDDM was also looking to enhance and review the Offences Relating to Awards Act (Act 787).

“We will tentatively hand over our proposals (to the respective authorities) later this week.”

He also said the Instagram profile @checkmytitle that highlighted those using fake honorifics included prominent Malaysian personalities.

Samson said the public should always double-check the official government portal at www.istiadat.gov.my to verify the authenticity of someone’s title.

“MDDM is not an enforcement body, but we want to create awareness that it is an offence for anyone to claim to be a Datuk, Datuk Seri or Tan Sri,” he said.

He warned people against buying the titles from certain parties.

“Only the Yang di-Pertuan Agong, Sultans and governors are authorised to bestow such titles on deserving individuals.

“Malaysians need to uphold our nation’s honorifics as bestowed by royalty and state governors,” Samson said.

MDDM exco member Datuk Seri Michael Chong, who was also present, said the issue of people using unrecognised honorifics had been ongoing for a long time.

“The situation has now become serious with these fake Datuks arrested for scamming and cheating others,” said Chong, who is also the MCA Public Services and Complaints Department head.

He added that the cost of buying dubious titles ranged between RM60,000 and RM120,000.

“Based on the complaints received, we learnt that a Datuk title costs about RM60,000 and about RM100,000 for a Datuk Seri title.

“The complainants who came to us were even told they could pay in instalments,” he said.

Chong also said that they were made aware of a case in which the entire family had fake “Datukships”, with the youngest being in his twenties.

According to MDDM auditor Datuk Ashfar Ali, the dubious “Datuks” used the titles for business transactions such as multilevel marketing, selling housing schemes and others.

“Some want the title to uplift their social status or to be recognised by others,” he said.

Also present were MDDM exco members Datuk Abdul Razak Dawood, Datuk Josephine Anne and council member Datuk Tiong Yap Choon.

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Related:

Council lodges police reports over people with fake Datuk...

Duo arrested for duping man into buying fake 'Datuk Seri' title

Cops to crack down on fake title peddlers and users

Related posts:

Where is your Datukship from, Datuk? The trouble with titles

For the love of Datuk titles

Malaysia's obsession with honourary titles from the royalty

Monday, May 1, 2023

While taking a shower or bath, fainting, slumping from washing the head in the bathroom

Someone can faint or slump in the bathroom if you start taking your bath by washing the head first. If the head is washed first, the cold water will make blood to rush to the head and rupture the blood vessels to the head. To avoid this, we were advised to start our bath by washing our feet and gradually moving upwards. I want to know if this is true

The Home: Why Do People Faint Or Slump In The Bathroom?

How To Avoid Fainting Or Slumping In The Bathroom

We’ve heard of people slumping or suffering a stroke in the bathroom and statistics reveal that more men suffer from this accident than women. What is the cause and why?

What Is The Cause?

When I took part in a healthy lifestyle course, a National Sports Council Professor, who also participated in the course, advised that:

The head should not be washed first in the process of taking a bath (even washing of the hair)
Other parts of the body should be cleaned first. This is because when the head is wet and cold, blood will flow to the head to warm it up.
If the blood vessels have narrowed, it is likely to cause the blood vessels to rupture.
Since it usually happens in the bathroom, be sure to raise awareness to avoid this happening again.

Why Do More men Suffer The Accident Than Women?

Men do because most men keep their hair low and during bathing, they pour water of their head. On the other hand, women don’t often wash their heads because of hairstyling.

Correct Way To Take Your Bath:

Start the wetness from the sole of the foot.
Progress to the small legs, the thigh, abdomen and then shoulder.
At this point, pause for 5-10 seconds.
A feeling like steam/wind overflowing from the body may be observed, and then take a shower as usual.

WISDOM:

When a glass is filled with hot water, and then suddenly emptied and filled with cold water; what happens? The glass will burst! Then, with regards to the human body, what happens? Naturally, the body temperature is very hot, whereas the water is very cold, a cold shower on the body or the head directly would suddenly trap the wind, or deaden it, because the blood vessels got broken.

This is why people often suddenly fall over in the bathroom; due to a wrong bathing method. And that often causes a stroke or causes a migraine.

ADVICE:

This bathing method is suitable for all ages, especially those with diabetes, high blood pressure, cholesterol and migraine/headache.

Please, don't only just get enlightened by this; kindly share with your families and friends as well.

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Sunday, April 30, 2023

Penang Golf Club

Membership for sales, text message to richard: 6012-4860539

https://www.mudah.my/penang-golf-club-membership-for-sale-101713269.htm?ad_id=101713269

DRIVING RANGE ARE BACK TO NORMAL OPERATING HOURS! (SOP Applies) Monday (excluding Public Holiday) 10.00 a.m. to 10.00 p.m. Monday (on Public Holiday) 7.00 a.m. to 10.00 p.m. Tuesday to Sunday (inclusive Public Holiday) 7.00 a.m. to 10.00 p.m. Reach us @ +60 11-3602 1952 for more info!

Club house

Penang Golf Club (Bayan Lepas) - All You Need to Know BEFORE You Go

http://penanggolfclub.com.my/index-eng.html

Penang Golf Club, the only championship 18-hole golf course on Penang island, has gone through a makeover making it a challenging and exciting venue for golfers.

The Robert Trent Jones Jr designed golf course, situated on the slopes of the Jambul Hill, has Bermuda grass shaping the tee boxes and fairways and tif eagle covering the greens with luscious vegetation surrounding it to bring players as close to nature as possible.

Locals and visitors who have numerous sights to enjoy on the island known as the “Pearl of the Orient” including recognised World Heritage Sites now can add a memorable game of golf into their itinerary.

The Penang Golf Club, which was formerly called Bukit Jambul Golf Club, has a rich history since it opened in 1984 and was the venue for the 31st Malaysian Open in 1992 which was won by Vijay Singh. It had a new facelift and reopened on November, 2012.

Pine, Palm, Durian, Rambutan, Skyfruit, Angsana, Yellow Flame, Pulai, Tecoma, Neem and other tall trees add character to the golf course which also provide a panoramic view of different parts of Penang, including the two bridges which link Penang to the mainland, which can be seen from different holes.
The 6,393 yards (5,848 metres) par 72 course has sand bunkers at strategic places, water hazards encroaching into the playing area and rolling fairways which are characteristics that are similar to golf courses in Japan.

The 32-bay, two-tier, driving range which is 250 metres long provides practice for budding golfers and those who want to hone their skills. Professional lessons are also available for those interested in taking up the game with Japanese and local staff at hand to make the players feel at home.

The Sakurajima Restaurant in the clubhouse has large and small private rooms that serves Japanese and Chinese cuisine and is tocked with a variety of well-known “Sake” and “Shochu” from Kagoshima, Japan.

A 10-minute drive from the airport will bring you to Penang Golf Club while accommodation is convenient with the five-star Equatorial Hotel located a stone’s throw away.

Penang which is famous for its sight-seeing, shopping and entertainment beckons you with the additional lure of an exciting round of golf. So when you plan your next holiday, make sure Penang Golf Club is on the agenda.

Top Golf Courses in George Town, Malaysia

Membership for sales, text message to richard: 6012-4860539

Saturday, April 29, 2023

Is real estate still a viable investment asset?

While Malaysia remains a nation of growing young working population, the main challenge with regard to homeownership is the lack of wage growth rather than the lack of affordable products.

In the case of real estate, it has its own merits because it is tangible and with the title of the property under your name, it is physically yours.

FOR the longest time real estate is the preferred investment asset class for many people. There are fond memories when it comes to making the right investment and more so for property owners who have enjoyed capital appreciation or significant rental yield by investing in real estate.

We also frequently hear of stories on how ordinary working and middle-class families successfully provided education for their children through the refinancing or selling of their own real estate assets.

Even in the grander scheme of things, real estate constitutes 7% of the total RM1 trillion in asset under management of our Employees Provident Fund.

How is it that this popular asset class has fallen out of favour with so many investors today?

Whenever I speak to clients on investments and their allocation, I would hear all kinds of unconventional investments schemes (regardless of whether legitimate or not) but at the mention of real estate, they would tell me that the golden days are long over.

It is rather demotivating to hear such comments, especially when I have been involved in this sector for a large part of my professional career while witnessing its heydays.

Economic cycles come around

The study of economics and its application may be subjective at times but there is one single theory that holds true over the course of time – that is the economic cycle.

Every asset class goes through a cycle, including real estate. From boom to bust and boom again, various factors play a part throughout the cycle.

If at all we look deep into the real estate cycle, we would easily realise the trend or pattern through each cycle.

Many decades before, real estate was scarce and buying property was a very expensive affair due to the high interest rates on loans.

In the 1990s, the loan interest rate per annum is close to double digits.

In addition, there are no full flexible or auto balance reduction loan offerings unlike today.

Coupled with very low margin of financing, mortgages are costly becoming the main barriers to homeownership. Then there is the issue of the law on property development which is not as comprehensive as it is today hence from a project commencement to completion, it was largely an unpredictable timeline.

Today, the laws are extensive both in terms of the development process as well as for the protection of property owners.

As a result, we have seen many companies with unrelated expertise or core business in property venture into development.

At last count, there are close to 200 companies listed on Bursa Malaysia which has property development or construction related businesses.

Coupled with the Strata Title Act, landbanks can be unlocked vertically rather than just horizontally unlike how it was before. This contributed to an oversupply.

On demand side, while Malaysia remains a nation with growing young working population, the main challenge towards homeownership is the lack of wage growth rather than the lack of affordable products.

In the residential segment, National Property Information Centre data shows that the unsold units have largely fallen in the past year from 36,863 units worth Rm22.79bil at the end of 2021 compared with 27,746 units worth Rm18.41bil as of December 2022.

There are also substantial number of units of residential overhang in the country with units totaling 14,000 units worth Rm4.63bil (which is 53% of total unsold inventories) within the affordable price range of less than RM500,000.

This means the stagnant wage growth in the face of global inflation has seen the people’s purchasing power weaken.

When disposable income falls, debt level rises, naturally big-ticket purchases with long term monthly commitment fall on the back burner.

Accommodative measures and policies

Real estate cycle is highly susceptible to changes in economic policies and government regulations including tax regimes.

When there is an accommodative policy such as a low interest rate environment or in Malaysia’s case when Developer Interest Bearing Scheme (DIBS) was allowed, it spurred huge demand for real estate because holding on to cash has little value.

Funds would either move into equity markets or real estate markets and other instruments to generate yield.

When the policies started to tighten with higher interest rates making borrowing cost higher, or removal of DIBS and even imposing higher Real Property Gains Tax amongst others, there was a flight of capital from the real estate sector.

We are now beginning to see some ray of lights at the end of the tunnel following eight years of market oversupply since the peak in 2014.

The flood of newly completed projects and unsold inventories in the balance sheet of developers which naturally became a bane for the industry is seeing some improvement following the auto correction in the economy cycle due to two years lost to the pandemic.

In addition, higher raw material costs, inflationary pressure and the diminishing value of our currency has slowly helped the market adjust to the property price as what was once deemed expensive becomes more tenable. This will help with the rejuvenation of the real estate market with the exception for commercial office segment.

Hedge against inflation

When we talk about investment, we need to consider the underlying assets’ ability to hedge against inflation apart from its absolute return.

Ultimately, so long as the underlying asset over a duration of time can beat inflation and preserve the value of your money, that would make it a viable investment asset.

Apart from that, it is important to make comparisons across asset classes to determine what best suits your personal need.

Everyone has their own risk tolerance and investment horizon.

Subject to your individual preference, one should choose the asset class that one is most comfortable with. Some may find insurance products pragmatic, some may prefer to invest in safe-haven commodities like gold or silver, others may prefer equities or bonds.

In the case of real estate, it has its own merits because it is tangible and with the title of the property under your name, it is physically yours. This makes it a highly acceptable asset class to most people including some who are not particularly financially astute or do not fancy complex capital markets products.

Any time is a good time for own use

No doubt when it comes to investing, everyone wants to make money. Otherwise, it defies the objective of investment.

If investments do not reap returns, might as well leave the money in fixed deposit.

However, real estate is a one of-a-kind asset class that has tangible benefits and allows enjoyment of the assets with the benefits of investment value.

Unlike gold or silver, the enjoyment is limited to seeing it glitter in your safe deposit or alternatively, melting it to design custom jewelry.

For real estate, specifically residential, one can move in and reside in it while for commercial or industrial properties, one can use it for business purposes.

This makes the investment thesis in real estate different from other asset class such as equities or fixed income.

The benefit of tangible use and enjoyment makes the timing of investment less significant if one has actual use for it.

Quoting Li Ka-shing, if you are looking to buy property for your own stay and not for speculation purposes, anytime is a good time.

Ng ZHU HANN Ng zhu Hann is the CEO of tradeview Capital. He is also a lawyer and the author of Once Upon a time in Bursa. the views expressed here are the writer’s own.