TAC Scams: What Are They And How To Avoid Falling Prey

The Bukit Aman Commercial Crime Investigation Department (CCID) is warning the public to be aware of a new wave of financial scam that sound deceptively simple, but one that has slowly been on the rise. The TAC scam, as it is now popularly called, has fleeced Malaysians of almost RM15 million in 2018 alone – and works by taking advantage of a fellow Malaysian’s desire to help others.

What is a TAC scam?

If you’re a frequent user of online transactions, you will know that the Transaction Authorisation Code (TAC) is required to confirm and authorise a transaction. This code typically consists of six numbers, and is sent to your registered mobile phone number – meaning that you receive the code offline. This acts as a second layer of security should your online banking or credit card information get compromised. This form of security is known as “two-factor authentication”, as it requires confirmation of an action via two separate mediums.

Now, if an individual manages to obtain your credit card or online banking information, the individual can easily use those to perform fraudulent transactions. But with two-factor authentication (commonly abbreviated as 2FA) enabled, you will need to authorise every transaction by inputting a code sent to your phone. Without this, the transaction cannot be completed.

How do TAC scams work?

The scenario will play out when scammers get a hold of the victim’s credit card details and attempt to perform a transaction using those stolen details. But with 2FA, a TAC will then be sent to the victim’s mobile phone for authorisation. There is only one way to get hold of this code, and that is by having possession of the phone which the code is sent to.

But is that really the only way?

Bukit Aman Commercial Crime Investigation Department (CCID) acting director, Datuk Saiful Azly Kamaruddin mentioned that scammers are daring enough to call the victim, claiming that the code is wrongly sent to them. Most of the time, the scammer may
sound either apologetic and polite
, or giving excuses like their parents putting the wrong number and needs to make an urgent transaction. In both situations, the scammers take advantage of the basic human nature of helping others in need. Since this scam has been on the rise, you can read more about the scammers’ tactics of first
“asking politely”
, before moving on to
inducing panic
 in the victims.

When the scammers obtain the TAC, the transaction is considered “authorised”. At this point, victims will need to lodge a report with the credit card issuer and hopefully get the charge reversed. But if it’s for a funds transfer, you may be out of luck as recovering the funds will be a time-consuming process.

How to avoid TAC scams?

It may sound ridiculously simple and easy to avoid
compared to other financial scams
, but as it turns out,
TAC scams are becoming prevalent in Malaysia
. In 2017, TAC scamming cases started to rise with 202 reported cases amounting to RM11.6mil in losses while in 2018, 392 cases were reported with losses of RM14.9mil. This month alone, 33 cases have already been reported, with a staggering RM441,000 worth of losses.

Preventing TAC scams is easy – if everyone understands the fact that TAC codes cannot be wrongly sent to a different number! A credit card is tied to the cardholder’s phone number, which means all SMS notifications are sent to that number and nowhere else.

A scammer may attempt to confuse victims by saying they recently switched numbers or something along those lines. If that is indeed the reason, it is that individual’s responsibility to go to the bank to update their info – not by calling the number and asking for the TAC code.

Because it preys on a victim’s lack of knowledge on 2FA as well as their willingness to help, TAC scams are more likely to
affect the elderly folk
 and those who aren’t tech savvy.

So remember, TAC codes CANNOT be incorrectly sent – no matter what the scammer may say!

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Olivia Song

Olivia Song

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    Manjit

    3 years ago

Do you have to pay money for the TAC Code?

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    Anonymous

    2 years ago

    Reply to

        Manjit

on me réclame de l’argent pour obtenir le code TAC est ce normal ?

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Take Your Business To Greater Heights With CIMB Debit Mastercard

Business decisions, no matter what they may be, have the ability to affect the overall business performance to a certain extent. Whether it’s hiring a candidate for a new project, launching a product, or adopting digital initiatives, it is likely to contribute to the long-term success of the business.

When it comes to banking, the traditional ways of business banking have been revolutionised by technology. For consumers, most banking services are available online, such as fund transfers, bill payments, and even loan applications. As for businesses, banks such as CIMB now offer exclusive banking solutions such as cash management services, financing, and business partnerships to assist businesses in their digital transformation journey.

As part of CIMB’s SME Solutions under SME Transact comes the CIMB Debit Mastercard. The card will prove itself essential to business owners who are looking to streamline their banking operations.

Along with BizChannel@CIMB, the CIMB Debit Mastercard could streamline your business banking operations so you can focus on attaining this year’s business goals. To learn more about CIMB’s complete suite of SME Banking Solutions, head to their
website
 or chat with EVA, an interactive chatbot available on CIMB’s Business Page
here
!

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Katrina Balan Quiroz

Katrina Balan Quiroz

Copywriter. Katrina is fueled by a need to turn a confusing wall of text into something comprehensible, and drip coffee.

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MAS Economy Class Baggage Allocation Revised To 20KG From August 2018

(Image: Places and Foods)

National airline, Malaysia Airlines (MAS), has announced a reduction in check-in baggage weight for all domestic flights from 1 August 2018. The check-in baggage limit is now revised to 20kg for all Economy class passengers.

This change is limited only for the Economy class, for flights booked from 1 August 2018. In an email statement to The Star Online, the revised check-in luggage weight allowance was “in line with other full-service carriers”, and was implemented to “ensure competitive prices in light of escalating fuel prices”.

Malaysia Airlines also added that the other parts of the ticket remain unchanged, so Economy passengers will still enjoy 7kg cabin baggage, meals, and in-flight entertainment.

(Source:
The Star
)

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Pang Tun Yau

Pang Tun Yau

A seasoned tech journalist who now focuses on his other passion, Pang is a firm believer in old-school DCA and optimised spending.

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Malaysia Aviation Group Launches Travel And Lifestyle Digital Platform, Journify

The Malaysian Aviation Group (MAG) has rolled out a new travel and lifestyle digital platform that offers end-to-end travel solutions for its users, dubbed Journify. The new product – which is currently in its beta-testing stage – aims to offer a more enjoyable and personalised travel experience to its users by simplifying their travel needs.

The platform currently offers three key features: Discover, Plan, and Shop. Under Discover, users will be able to find information and reviews of places that they are interested in visiting, such as restaurants, entertainment outlets, shopping malls, and attractions.

Meanwhile, in Plan – which is integrated with the Discover function – you can create itineraries for your future travels. As for Shop, it is an online marketplace where you can purchase various travel and lifestyle products and services, including arranging for a local tour guide and purchasing merchandises from local brands to be delivered to your doorstep. Additionally, all your purchases will earn you Enrich Points, which you can then use to redeem other rewards.

At present, Journify offers more than 10 categories of merchants and points of interest, and more features and functionalities are slated to be added soon.

In addition to the above features, Journify also introduces a “first-of-its-kind flagship experience” through something called the Journify2u service. Essentially, this service allows travellers who are departing from KLIA to get the products that they purchase on Journify to be delivered to them at the boarding lounge.

According to the group chief executive officer of MAG, Captain Izham Ismail, Journify marks a significant milestone in MAG’s transformation journey in becoming Asia’s leading travel and aviation service group. Additionally, it is set to transform consumers’ travel experience.

“I truly believe Journify would be the future gateway to discover unique offerings that integrates multiple functions and features, expanding the Malaysia Hospitality experience beyond our customer’s journey and their day-to-day lives,” said Captain Izham in a statement.

In conjunction with the launch of Journify, the platform is currently offering discount e-vouchers for selected Malaysian brands. To find out more about Journify, head on over to the
website here
. Alternatively, you can find Journify within the Malaysia Airlines mobile app, which can be downloaded for free from
Google Play
, the
App Store
, and
Huawei AppGallery
.

(Source:
Malaysia Airlines
)

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Alex Cheong Pui Yin

Alex Cheong Pui Yin

Previously covered recruitment-related stories and had a short stint as a copywriter for the property industry. She subsequently developed an interest in investment and robo-advisors.

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Private Schools vs Public Schools: Which One Gets You More for Your Money?

One of the best gifts to give your precious little ones is a quality education – but unfortunately, top-tier schools don’t come cheap.

To help you make the best decision, we’ve studied both schooling options and found that each have plus points that you’ll want to consider. Here is an in-depth look at public and private schools in Malaysia:

1. Tuition and Other Costs

Private School:
 The range of tuition fees inclusive of deposits as well as registration and admission fees is estimated to start from RM7,000 up to RM25,000 for pre-school, primary, secondary and pre-university levels.

Public School:
 School fees have not been levied since
2012
; however, other forms of payments may be required and these vary with schools. For one, the PIBG (Parent Teacher Association) makes donation requests typically in the amount of
RM50
 or more. Other miscellaneous charges may include fees for library, sports and club activities, which range from RM50 to RM100 per year.

2. Student Experience

Private School:
 Students are typically more affluent and enjoy better school amenities such as enhanced library, labs, computers, sports and arts facilities. On a social and interpersonal level however, students could
lack exposure to people from different walks of life
.

Public School:
 Learning alongside a more racially and ethnically diverse student population could be an enriching experience that helps to improve multilingual proficiencies and communal attitudes. Still other social problems are worrying to parents such as ‘gangster-ism’, especially at the secondary level.

3. Inclusiveness and Student Aid

Private Schools:
 Not all students applying for a place will be successful; they may be put on long waiting lists or denied a place if they aren’t able to perform well during placement tests.

Public School:
 Almost everyone is accepted here with financial and other assistance provided for students and parents from lower-income groups. From the Textbook Loan Scheme to the Poor Students Trust Fund (for pocket money, school uniforms, etc.), there certainly are programs to make learning possible for all students. With that said, it’s not guaranteed that all students will get the support they need.

4. Class Size (student-to-teacher ratio)

Private School:
 Here the ratios are typically smaller, on average only 24 to 25 students to a class. Some like the
Rafflesia Private School
 has only 10 to 12 students assigned per teacher.

Public School:
 It’s not unlikely to see a number from 30 to 35 or more students assigned to one teacher. Larger classes could mean that not all students will get the attention they need.

5. Curriculum and Co-Curricular Activities

Private School:
 These schools still follow the Malaysian National Curriculum (e.g. KSSM and KSSR) but the nonstandard electives and extra-curricular activities offered can be rather wide-ranging.
Beaconhouse Malaysia
 offers programs that include the performing arts i.e. drama, theatre and dance whereas Paragon Private School even conducts astronomy and robotics programs. These courses not only prepare students academically but are also aimed to stimulate creativity as well as foster character-building and social skills.

Public School:
 Courses are strictly based on the syllabus of the Malaysian National Curriculum. Public schools offer pre-university course such as the STPM which is rarely offered by private schools. The STPM is a cheaper route to university when compared to A-Levels or foundation courses offered by universities and private schools.

Which Should You Choose?

It’s quite likely that your decision will boil down to costs but you should think of affordability in the long term – the next 10 to 12 years of your child’s schooling that is. Being forced to transition from private to public school can be stressful and may even be counterproductive for your child.

But whether you choose to go with private or public school, know that the total cost of education for your little ones is going to be expensive. Check out our piece on
how to start saving for your child’s education
 to get a leg up on these.

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Fixed Deposits worth checking out

Fixed deposit accounts are a great way to make good use of the extra money you have. It’s a great way to invest as risks are low, isn’t difficult to understand and sometimes include some great benefits.

So if you’re looking for a good fixed deposit to start; here are five fixed deposit accounts that are worth checking out!

AmBank Conventional e-FD

Requirements: Age 18 and above and must have an AmBank Current or Savings Account

Minimum deposit: RM500

Interest Rates: 3.1% for the first 6 months, 3.15% for the first 12 months.

In today’s era where the internet reigns supreme, AmBank’s fixed deposit gives you an additional 0.2% p.a. interest rate the moment you register online. You’re also able to monitor your account online where a certificate isn’t necessary. Although you will only get the interest once your account has matured, you have the option of having your interest credited into your savings or current account.

AmBank Am50Plus

Requirements: Age 50 and above

Minimum deposit: RM5000

Interest Rates: 3.2% at the first 6 months, 3.25% for the first 12 months.

AmBank also offers a special fixed deposit account for those in their senior years. Just like their other fixed deposit account, interest will be credited to the savings or current account monthly. You also receive free Personal Accident coverage of up to RM50,000 as well as an ATM card access to the account. The only drawback is that you aren’t allowed any early or partial withdrawals.

Mach Fixed Deposit by Hong Leong Bank

Requirements: Must be a Malaysian citizen and a holder of a Hong Leong Money Box Deposit Account

Minimum Depost: RM1000

Interest Rate: 3.7% per annum

It’s known as the first online fixed deposit that allows flexibility with partial withdrawals. It even has the highest interest rate of 3.7% p.a. and you can keep track of your account and the interest you’re earning with e-statements although you must have a Money Box account. Due to the limited branches in Malaysia, Mach is only available to those in Penang and the Klang Valley.

RHB Senior Fixed Deposit

Requirements: Age 50 and above

Minimum Deposit: RM10000

Interest rate: 3.2% per annum

With this Senior Fixed Deposit, your profit is paid on a monthly basis and it is automatically credited to your savings or current account. It also gives you the flexibility of a partial withdrawal without losing interest on your remaining balance although if you want to make a partial withdrawal of RM1000, it is subject to a minimum balance of RM10,000.

Affin Fixed Deposit

Requirements: N/A

Minimum Deposit: RM500 (two months or more)

Interest rate: 3.25% (6 months); 3.60% (12 months)

The Affin FD is a no-fuss/ no-frills deposit product that simply gives you interest for putting money into your FD. There may be no special benefits over and above the interest but the interest rate is rather high and is enticement in itself. A good starter FD product.

General Rules to remember when applying for a FD

Be sure to always have and use your actual Identification Card when applying for a Fixed Deposit and be sure you understand the terms and conditions of your fixed deposit account, especially if you plan to make a withdrawal.

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Relieve The Woes Of Your IT Department With SNS OnePlan™’s End-To-End DaaS

Everyone knows that it’s important for businesses to move swiftly. To stay relevant in today’s fast-moving environment, it’s imperative that businesses and business owners think fast to keep up with the times and continuously find new ways to up their speed. Why? Because if they don’t, they’ll become outdated and lose to their competitors. Plus, the faster the business learns new ways to improve,
the faster it’ll evolve
.

One way a company can increase efficiency within the workplace, especially for the IT department is through the DaaS model, also known as Device-as-a-Service. Malaysia’s very own SNS Network offers one such subscription called SNS OnePlan™.

Learn how SNS OnePlan™ can help support your business’ IT department with device upkeep and management.

Get Help From A Team Of Experts

One of the responsibilities that the IT department has to bear is to design a solution that works for each department, if not the company as a whole. The process of researching and proposing solutions and architectures can be rather laborious and exhausting, and perhaps not the best use of resources.

With SNS OnePlan™, a team of experts will assess and consult your business, easing the burden of your employees. Once the experts have gathered the relevant information, they will recommend a solution that best suits the nature of your business and one that aligns with your company’s vision.

Premier IT Support

SNS OnePlan™ comes complete with a support service team ready to provide immediate remote assistance when needed. Not only does this mean that employees can get the help they need – whether they are in the office or at home, but it also means that there is a higher chance of increased downtime. Having a team available on hand to troubleshoot and solve technical issues would mean the employees who are typically responsible for doing so can focus on other more productive tasks.

Besides fixing errors and problems that may occur, proper maintenance and upkeep is also something that SNS OnePlan™ offers as part of their service. So if at any time, certain components or drivers require attention, the team will attend to it or provide remote support to keep them updated instead of your business’ IT department.

Proper Disposal Routine

Though buying devices for an office can be mentally taxing, trying to dispose of them is equally complicated. What happens when devices are outdated, dysfunctional, or no longer serve the business as they should?

SNS OnePlan™ will send over a team that will safely and securely manage the end-of-use devices so they are properly recycled or discarded so your employees need not worry about disposal duty.

Not just that, they will also deliver a new batch of devices to the business premises so operations can resume as usual. This would be especially helpful during busy periods where they simply can’t afford a drop in productivity.

The Right Components

SNS OnePlan™ offers three plans designed to meet your business needs. Whether you choose Lite, Advance, or Premium, you will get the option to select from a variety of brands and specs for your devices’ hardware.

All three plans offer a minimum of 8GB RAM and 256GB SSD so employees can run multiple programs without any issues. Each plan comes with Intel® Core but the Premium plan offers Intel® Core™ i7, a processor popularly known for its ability to multitask seamlessly and produce high output for RM189 a month per device.

Besides that, all plans come complete with Microsoft 365 Business Standard (3 Years), antivirus and data security apps as well as three years extended warranty.

***

Device-as-a-Service is an excellent approach that offers businesses the device they require on a flexible plan that considers cost, efficiency, and time savings. If you’re looking to equip your business with devices that come with a support team for maintenance, SNS OnePlan™ offers an end-to-end DaaS that can alleviate the IT department’s burden and at the same time, help your business maintain speed.

To find out more about SNS OnePlan™,
click here to visit their website
.

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Lisa Ameera Azman

Lisa Ameera Azman

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Citi Discontinues Its Friday 1-For-1 Movie Ticket Privilege For TGV Cinemas

Citibank has announced that it will no longer be offering the Friday 1-for-1 movie ticket benefit at all TGV Cinemas for the Citi Clear Card, starting from 1 April 2020.

Currently, the Citi Clear Card offers cinema privileges at both TGV Cinemas and GSC Cinemas, where you are entitled to a complimentary ticket when you purchase a movie ticket on Fridays. This offer applies only to over-the-counter purchases for TGV Cinemas, and online ticket purchases via website or mobile app for GSC Cinemas.

While the complimentary ticket offer is no longer available for TGV Cinemas, you can still continue to enjoy the Friday 1-for-1 movie ticket privilege with GSC Cinemas as that remains unchanged.

The
Citi Clear Card
 is a favourite with many primarily because of its 1-for-1 complimentary benefits, offered for drinks at Coffee Bean & Tea Leaf outlets (all weekdays) and at cinemas (Friday only).

(Source:
Citi
)

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Alex Cheong Pui Yin

Alex Cheong Pui Yin

Previously covered recruitment-related stories and had a short stint as a copywriter for the property industry. She subsequently developed an interest in investment and robo-advisors.

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    Benjamin Ong

    3 years ago

Cutting corners as always.

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Buying Christmas Gifts is Boring, Do These For Your Loved Ones Instead!

Christmas is a time of giving, and traditionally this ‘giving’ takes on the form of material presents, which is fine if you can afford it. But sometimes you can’t. Rather than getting the same old things for your friends and family this year, why not explore some fresh alternatives that don’t involve any pricy commercial products in fancy boxes?

Here are some ideas to help you come up with personalized gifts that come from your heart, to show your sincerity and love this special season:

Cook a Christmas Dinner

Gather your best and closest friends or family around the dinner table and cook them a homemade meal.

You may not be a celebrated chef, but you can definitely deliver the warmth and love of the season right to your guests’ heart, through their stomachs.

Make a Recording of a Book

If you have a loved one who has difficulty reading, either due to poor eyesight, dyslexia, or just too busy, why not make an audio file of you reading their favourite book out loud.

This is also great for any of your loved ones who doesn’t like reading from a book. You can also make a CD or pen drive with all your friend’s or family’s favourite songs or even send it to them digitally.

Offer to Run Their Errands

You can offer your physical effort and time to perform some favours for your loved ones, including things like getting them takeaway food, paying their bills, renewing licenses or accompanying them for a night out.

You can also get artsy and turn these ‘favours’ into coupons which they can use for up to a year.

Get Crafty and Artsy

Those of you who are particularly good with your hands can consider making beautiful and practical crafts from recyclable materials. Think floor mats made from old T-shirts, puppets from socks (this is great for kids) or lampshades from old magazines.

In addition to saving costs, you’ll help save the planet and make Mother Nature really happy this Christmas.

The Great Bake Off

Christmas themed cookies, cakes, muffins and jellies are one of the things that you can make in batches and send out en masse. It’s a great way to express yourself and add a personal touch to your gifts.

You can also customize it to fit each individual. For example, a cat-loving aunt can get kitty-shaped cookies, whereas your boisterous nephew can have his in the shape of fire engines.

Gifts don’t have to be extravagant or expensive to be loved and appreciated, as long as they come from your heart. If you still can’t find suitable gifts this Christmas, check out our
promotions section
 where you’ll find tons of items on sale.

Image credits: The Preiser Project’s
photostream

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Join Us For Week 2 Of The RinggitPlus Unbox This Week Campaign For More Exclusive Gifts

Welcome back to the second week of RinggitPlus’ Unbox This Week campaign, where we offer weekly flash deals – all the way until the end of 2020. Each week, we’ll feature a different set of gifts with different bank partners, so you’ll always have something exciting to look forward to.

Last week, RinggitPlus customers had the chance to win some pretty cool gifts – including a tech bundle comprising of a Lenovo Tab M7, Sony SRS XB12 Wireless Speakers, and Mi Band 5 – by applying for cards from
four selected banks
. This week (2 to 5 November 2020), we’re featuring three banks:
Standard Chartered Bank
,
Citibank
, and
RHB Bank
. Here are the gifts that are up for grabs!

Standard Chartered: Lenovo Tab M7 + Xiaomi AirDots (Worth RM548)

Apply for specific cards from Standard Chartered with us, and you are guaranteed to win a Lenovo Tab M7 and a pair of Xiaomi AirDots – a bundle that’s worth RM548. Once your application has been approved, be sure to activate your card within 30 days to be eligible for the gifts. To claim your gifts, you’ll need a redemption code which we will send to you within 28 days once the bank has confirmed your eligibility.

Do also note that individuals who own any Standard Chartered credit cards in the past six months do not qualify for this campaign.

Apply for your new
Standard Chartered credit card
 here to win the gifts.

Citibank: Huawei Watch Fit + SonicGear Earpump (Worth RM598)

You can get guaranteed gifts that are worth RM598 – comprising of a Huawei Watch Fit and a pair of SonicGear Earpump – when you apply for selected credit cards from Citibank with us. To qualify for the gifts, you’ll need to activate your new card and perform a minimum of 8 retail transactions within 60 days upon the approval. Once Citibank has updated us of your eligibility, we’ll send you an email with gift claim instructions within 60 days, so do be sure to keep an eye out then!

That said, this promotion is not open to current cardholders and individuals who have cancelled any of their Citibank credit cards and re-applied within 12 months prior to the campaign.

Head on over here to apply for your new
Citibank credit card
.

RHB: RM600 Lazada e-Voucher (First 50 customers)

The first 50 customers to apply for selected cards from RHB with us will stand a chance to win a Lazada e-voucher worth RM600 – available on a first-come, first-served basis. Don’t be disheartened if you’re not one of the first 50 customers, though! You’ll still get an Lazada e-voucher worth RM50 to spend on your purchases.

Remember that you will need to activate your new card within 30 days upon approval to get the gift. We’ll announce the 50 winners on our Facebook page by 31 December 2020. Meanwhile, all eligible applicants will their e-vouchers will be sent to you via SMS within 30 days of fulfilling the requirements.

Just a note: Existing cardholders and individuals who have cancelled their RHB credit cards within 1 year from the campaign are not eligible for this promotion.

Apply for your new
RHB credit card
 here for this exclusive gift!

***

To make sure that you qualify for our Unbox This Week campaign, remember to start your application via our WhatsApp chatbot. It also enables us to guide and assist you throughout the whole process.

Also, remember that our weekly flash deal for this week ends on 5 November 2020 (Thursday), so best to hurry! Alternatively, you can check back again next week for more exciting prizes. Do follow us on our Facebook page so that we can keep you updated on the
Unbox This Week campaign
.

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    HG Chan

    2 years ago

i have apply through Ringgit Plus and get my Standard Charter credit card since September. but i was yet to received RM450 from Ringgit Plus. Followed up by email also no response at all.

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Enhanced TNG Cards Now Available At Selected Grocery Stores, Redeemed Using Bites Points

Touch ‘n Go (TNG) is now making its popular enhanced TNG card with near-field communication (NFC) capability available at several grocery stores across Klang Valley, Penang, and Johor Bahru. Specifically, it can be obtained at selected Village Grocer, Ben’s Independent Grocer (B.I.G), Leisure Grocer, and BSC Fine Foods outlets.

Note, though, that the enhanced TNG cards at these outlets are not for purchase by all members of the public. Instead, they are provided exclusively for members of the Bites loyalty programme, to be redeemed using Bites Points. Briefly, Bites is a digital loyalty programme that rewards Village Grocer and B.I.G customers for their patronage, offering benefits such as special offers, monthly recipes, and shopping privileges. They will also be able to accumulate Bites Points with every RM2 spent.

If you’re already a Bites Member with an account, you can redeem the enhanced TNG NFC card by firing up your Bites app and following these steps:

Tap into the “Rewards” section, followed by “Rewards Partner”

Scroll to find the TNG NFC card offer and redeem it

To collect your card after that, tap on “My Profile”, “My E-Voucher”, then the TNG NFC card offer

Present the barcode provided to the cashier

Each TNG card can be redeemed using 950 Bites Points, but as always, the offer is provided on a first-come first-served basis with limited stock – so hurry!

If you’re interested to make a redemption, here’s the full list of participating outlets for your reference:

Grocery stores
Outlets
Village Grocer
– Atria Shopping Gallery
– Tropicana Avenue
– Central iCity
– EkoCheras Mall
– Avenue K
– Forum Mall
– Sunway Giza
– MyTOWN Shopping Centre
– KL Gateway Mall
– Melawati Mall
– Bangsar Village
– 1 Mont Kiara
– Desa ParkCity (Plaza Arkadia)
– Tamarind Square
– Citta Mall
– M City
– Tropicana Gardens Mall
– Subang Parade
– City Junction, Penang
– Queens Waterfront Q1 Commercial, Penang
– 1
st
 Avenue, Penang
– Paradigm Mall Johor Bahru
– SouthKey Johor Bahru
Ben’s Independent Grocer
– Publika
– IPC Shopping Centre
– The Linc
– Batai
– Mall of Medini
Leisure Grocer
Leisure Mall
BSC Fine Foods
Bangsar Shopping Centre

You can also download the Bites app for free from
Google Play
 and the
App Store
 to begin accumulating Bite Points, as well as to enjoy other exclusive rewards.

The enhanced TNG NFC card has been highly sought after since
its launch back in April 2022
, and is often snapped up promptly after the release of each batch. Aside from selected TNG service and sales centres, as well as petrol stations, it can also be bought online through
TNG’s official Lazada store
. Recently, TNG also released a
limited edition Christmas charm
 that functions exactly like the enhanced TNG NFC card.

(Source:
Village Grocer
)

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About THE AUTHOR

Alex Cheong Pui Yin

Alex Cheong Pui Yin

Previously covered recruitment-related stories and had a short stint as a copywriter for the property industry. She subsequently developed an interest in investment and robo-advisors.

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Guaranteed Gifts All Around Including TNG Credits Worth RM600 And More

The Unbox This Week credit card campaign is back with awesome gifts from participating banks!

For those who are new to this campaign, Unbox This Week is a weekly event where we present to you fantastic weekly flash deals from our featured bank partners. All you need to do is apply for selected credit cards from these banks of the week through RinggitPlus and you’ll take home some great prizes.

For this week (3 – 10 January), our featured bank partners include

Citibank, HSBC Bank, and Standard Chartered Bank
. So, if you’ve considered applying for a credit card with any of these banks, you know what to do to get more out of your application!

Citibank – Guaranteed TNG Credits Worth RM600

Citibank is giving you credits worth RM600 for your Touch ‘n Go e-wallet when you apply for a credit card with us. Things you can spend on with these credits include paying for tolls, meals, groceries, and more!

Remember to activate and spend a minimum of eight retail transactions on your new card within 60 days upon gaining approval. Once the bank has confirmed your eligibility with us, you’ll receive instructions from us via email on how you can claim your gift. Take note, though, that current cardmembers and individuals who have cancelled their Citibank credit cards within a year prior to this campaign do not qualify for this promotion. Otherwise, those who wish to apply for their new Citi credit cards can
head on over here to do so
.

HSBC – Guaranteed RM600 Cash via DuitNow

This week, you will be rewarded with RM600 cash via DuitNow when you apply for a credit card with HSBC! Spend the money on essentials or transfer money to loved ones no matter where you are via DuitNow.

Don’t forget to activate and spend a minimum of RM1,000 on your new card within 60 days upon gaining approval to be eligible for this gift. That said, do note that current cardholders and applicants who were denied within six months prior to this campaign, as well as those who have cancelled their HSBC credit cards within six months prior to this campaign are not eligible for our campaign. Otherwise, you can apply for your HSBC credit card
here
.

Standard Chartered Bank – Guaranteed Giordano Luggage Bag

Standard Chartered is now giving ALL approved applicants a guaranteed gift – a luggage bag by Giordano. Travel in style on your next trip with all your precious belongings in tow, packed neatly in the hard-shell Giordano luggage bag!

Everyone’s a winner when you apply for selected Standard Chartered credit cards. Just remember, you will need to activate your card within 30 days upon approval to be eligible for this gift. Lastly, be aware that existing cardholders and individuals who have held a Standard Chartered credit card in the past six months are not eligible for this campaign. If you qualify, then you can apply for your new Standard Chartered credit card
here
.

***

Finally, be sure to start your application with our WhatsApp chatbot so that your eligibility is guaranteed, and we can always be at hand to help you when you need us.

While this week’s flash deal ends on 10 January (11am), do follow us on our
Facebook page
 to receive the latest Unbox This Week offers as we refresh the deals every week.

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Chee Jo-Ey

Chee Jo-Ey

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Get More During Vacations with Realistic Itineraries and Budget

Resources are almost always scarce, yet holiday dreams never cease. Fortunately, there is a way to put those dreams in motion and still balance a realistic itinerary against a scanty budget.

Go ahead and put on your reading face, we’re showing you how to #GetMore value by creating a practical itinerary and budget.

Why Realistic?

Rather than an optimistic view of your travel agenda (or worse yet, none at all), a realistic plan is one that actually works for you and your budget.

Having your itineraries and budgets crafted so that it is workable will do its job to relieve stress during your vacation. But even more so, a sensible set of plans will help you maximise your travel funds to #GetMore value in terms of time, effort and most of all, your hard-earned money.

Here’s how to put a simple but effective plan together.

1. Set the Budget First

Once you know how much money you have to spend, you can start putting together a list of accommodation and travel costs; places you want to visit, activities you’d like partake; and more importantly, which ones to skip.

If you’re in the early stages of planning (3 to 6 months prior), consider these handy tips to save more money for your trip.

For the time being, make your plans according to the travel funds you have in hand. Use the excess savings to supplement your emergency fund (see item no. 5).

2. Merge the Itinerary and Budget

Placing your expenses and travel plan side by side will now help you quickly cross check and determine which are doable in relation to expenses, timing allocations and planned route.

You can also actively make adjustments to omit the activities that might not work and as well shuffle things around so you can do more and #GetMore with the time and funds apportioned.

For example, based on the costing, you may decide to rent a car instead of hiring a taxi to ferry you around.

Customise your itinerary and budget to be as comprehensive or as simple as you want it to be. As long as you understand it – that’s all that matters!

3. Get Some (free) Help to Work it Out

Utilise free resources available online to simplify the process of drafting an itinerary and budget like the one above.

Try using editable spread sheet templates offered on Google Docs to help you get started (note that you may need to modify templates accordingly).

Then, progress on to a free mobile app like
Travefy
, so you can take your itinerary with you and manage it as you go along.

4. Prioritise Most Wanted Activities

Of course there are tourist must-sees, but that does not mean you must see every last one of them. When crafting your itinerary, cut to the chase – just because other people wanted to see a sight – do you really want to yourself?

Don’t allow travel peer pressure to force you to see things you don’t want to and waste valuable time and money in the process.

Prioritising will help you make the best use of your travel time and funds so you can #GetMore value by zoning in on what you really want to do on vacation. A mindset as such essentially keeps your budget more focused.

5. Consider the Unknown

Even seasoned travellers who are expert planners may miss the fine print and be saddled with excess fees here and there. To help you manage the unforeseen, allocate an emergency fund of 15% to 25% of your total budget.

This way you may avoid desperate situations that force you to lose out to unfavourable currency exchange rates in a foreign country.

6. Get Real Perspectives

Budget (and itinerary planning) can be tricky because if you haven’t been to your destination before, you may sometimes rely on mere estimates. To obtain a more accurate frame of reference, get hold of insider info by visiting travel blogs.

Many travellers actually post their itineraries and budgets, just conduct a quick search online to seek them out.

7. Practice Caution When Scouting for Travel Deals

While some promotions are deceptively cheap at first, it may eventually impact your travel time. And time is money since it could throw your budget and itinerary out of whack, ultimately costing you more.

For instance, low-priced connecting instead of direct flights can be extremely time consuming, and if there are flight delays, you could incur additional accommodation costs and penalties for missed bookings.

Instead, do your homework to seek out worthy discounts, your credit card may be a great source, so do research them.

However, if you don’t already you have a credit card or are considering a change; try our
credit card comparison page
 or
dedicated travel credit card page
 to find a card that will save you money and earn rewards.

Want more? Of course you do! Take a look at these bonus tips to keep your plans even more achievable.

a. Incorporate rest days in between to catch up on your beauty sleep. Fatigue and jet lag can really creep up on you and you won’t enjoy the trip.

b. Leave a couple of free days in between for those ‘spur of the moment’ adventures that may come your way.

c. Take note of public holidays and what this might mean for your itinerary and budget – will your visit site be closed or cost more?

Go With the Flow and #GetMore

Even though your itineraries and budgets seem ironclad toward any kind of possible outcome, accept that not everything will go as planned. But don’t fret; you’re on holiday after all.

It really is your time to be free and breathe in the scenery – you’ll miss it all if you are incessantly planning and budgeting. Instead, just focus on enjoying the amazing vacation you have ahead and that will be the most valuable outcome of all!

Now isn’t it time you had another vacation?

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Desiree Nair

Desiree Nair

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Etiqa Will Cover The Cost Of Covid-19 Treatment For Customers With Travel Insurance

(Image: The Star)

Etiqa has announced that it will provide medical coverage for customers who purchased travel insurance if they require treatment for Covid-19 during their travels.

The coverage is extended to customers who purchased annual and single trip travel policies or certificates before the World Health Organisation (WHO) declared Covid-19 a pandemic on 11 March 2020. You will have to submit your medical benefit claims in order to get the benefits under this coverage.

According to Etiqa in its statement, this is a special waiver offered by the insurer as standard policies for travel insurances typically do not include coverage for communicable diseases that require you to quarantine yourself.

“Given the gravity of the situation with Covid-19, Etiqa would like to ease some of the uncertainty and worry weighing down on those with our travel plans and certificates,” said the group chief executive officer of Etiqa Insurance and Takaful, Kamaludin Ahmad.

For more information about the
additional medical coverage
 as well as travel and medical assistance, you can contact Etiqa’s Emergency Travel Helpline at +603 2785 6565 or +603 2780 4677 (WhatsApp). For enquiries outside of business hours, you can email your questions to
[email protected]
.

(Source:
The Star
)

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About THE AUTHOR

Alex Cheong Pui Yin

Alex Cheong Pui Yin

Previously covered recruitment-related stories and had a short stint as a copywriter for the property industry. She subsequently developed an interest in investment and robo-advisors.

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    Che Zack

    1 year ago

Need to make it clear that ETIQA not cover those countries under category 4 High Risk Covid 19 per CDC. There are lots of countries under this category.

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Wage Subsidy Programme: Over 200,000 Applications For 1.7 Million Workers

The Social Security Organisation (SOCSO) has received 205,342 applications from employers for the Wage Subsidy Programme between 1-22 April 2020. The applications for the programme involve 1,673,681 million workers in total.

According to SOCSO chief executive officer Datuk Seri Mohammed Azman Aziz Mohammed, the majority of the applications came from micro and small enterprises employing less than 75 people per company. This category of employers made up a total of 197,421 applications or 96% of the overall applications, involving 1,242,504 workers nationwide.

Employers with a workforce between 76-200 individuals submitted 5,923 applications, involving 231,387 workers. Lastly, employers with more than 200 individuals in their workforce submitted 2,098 applications, involving 199,790 employees.

(Image: NSTP)

Datuk Seri Mohammed Azman reminded employers to disclose the exact number of employees with monthly salaries of RM4,000 and below – given that it is one of the main requirements of the wage subsidy programme. He said that completed applications with accurate information would speed up the approval process.

The wage subsidy programme was announced during the first round of the
PRIHATIN Economic Stimulus Package
 and expanded in the
PRIHATIN Tambahan package
. Employers may submit applications for the programme until 15 September 2020. Given the ongoing movement control order (MCO), applications can only be submitted online via
prihatin.perkeso.gov.my
.

Employers who are facing any sort of difficulty in submitting their applications should direct their enquiries to SOCSO through email at
[email protected]
, via
Facebook
, or by calling 03-8091 5100, 03-4264 5555, or 1-300-22-8000.

(Source:
Malay Mail
)

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Jacie Tan

Jacie Tan

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    K.ANNANDAN A/L S.KOMARAN

    3 years ago

FOR THE MONTH OF MARCH MY COMPANY PAY MY SALARY FROM 1st to 18TH MARCH 2020 ONLY. AND  FOR THE MONTH OF APRIL UNTIL NOW I NEVER RECEIVED ANY WAGES FROM COMPANY. COMPANY JUST KEEP QUITE.. I DON’T KNOW THEY PAY ME OR NOT.

I  WANTS TO KNOW WEATHER I AM ENTITILED FOR SOCSO. PLEASE ADVISE. THANK YOU

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10% Off Kate Spade NY With Citibank Credit Cards

Only designers like Kate Spade manage to pull off clothes in the brightest and girliest colours and yet still manage to pass off as sophisticated.

Their recent Spring 2013 collection launched just in time to introduce Citibank’s 10% discount tie-in. This promotion is valid until 31 December 2013 and applies to all purchases made with a Citibank credit card.

Offer does not include discounted items or promotional rates. Discount is not applicable to online transactions.

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Brendon Lee

Brendon Lee

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SCC Will Create E-wallet For Sabah State-wide Use, Sabah Pay

(Image: The Star)

Sabah Credit Corporation (SCC) has been given the green light by the state government of Sabah to create an e-wallet for the state, known simply as Sabah Pay.

According to Chief Minister Datuk Seri Shafie Apdal, this e-wallet will help facilitate and expedite business transactions in government departments and public service agencies. Moreover, businesses and tourists also stand to benefit while unbanked communities in particular will find this useful.

With the establishment of Sabah Pay, Shafie stated that payments will be easier and faster for all. In addition, e-wallet usage will lower the cost of transactions.

Shafie also talked about how having an e-wallet in place will improve transaction security as the state moves towards the Fourth Industrial Revolution (IR 4.0). Furthermore, a cashless payment system will keep the production of fake banknotes at bay.

“Talking about technology, specifically digital economy, I am happy to announce that I have mandated SCC to set up the Sabah State e-wallet, Sabah Pay,” he said. He is also hopeful that the e-wallet will be implemented this year.

(Source:
Borneo Post
,
The Edge Markets
)

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Govt Extends Special Individual Income Tax Relief For Domestic Travel To YA 2022

Finance Minister Tengku Zafrul Aziz has announced that under Budget 2022, the government will extend the special individual income tax relief for domestic travel of up to RM 1,000 until the end of 2022.

The domestic travel income tax relief, which was first introduced under the
Economic Stimulus Package 2020
, allowed individuals to claim up to RM 1,000 in tax relief for travel expenses from 1 March 2020 to 31 August 2020. Eligible expenses include travel (flight or train only), hotel accommodation (only those registered with the Ministry of Tourism, Arts, and Culture Malaysia), as well as entrance fees to tourist attractions, as the government aimed to reinvigorate the domestic tourism industry which was hit hardest by the various lockdowns and absence of foreign tourists.

This special tax relief was extended to 31 December 2021, and at the tabling of Budget 2022 earlier today, this relief will be further extended to cover the 2022 year of assessment. Those planning to take advantage of this tax relief for next year can check out the
list of registered hotels under the Ministry of Tourism, Arts, and Culture
.

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Sheu Quen

Sheu Quen

Content writer with a penchant for perfection in her work and can't stand having her name misspelled or mispronounced.

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    Anonymous

    9 months ago

If i buy a air flight ticket for year 2023 on year 2022, which year of income tax it will count to? 2022 or 2023?

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    Anonymous

    8 months ago

    Reply to

        Anonymous

based on purchase date

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MOF: Banks To Work On Waiving Interest For Selected Recipients Of Loan Moratorium

(Image: The Star/Muhamad Shahril Rosli)

The Ministry of Finance (MOF) has directed banks to begin working on waiving the interest fee for selected borrowers who have tapped into the ongoing loan moratorium.

“This involves the recipients of the moratorium from the bottom 50% of all Malaysians for a period of three months in the fourth quarter of 2021. All banking institutions have been instructed to work for interest payment exemptions for recipients of the bank loan moratorium immediately,” said the Finance Minister, Tengku Datuk Seri Zafrul Abdul Aziz in a statement. In other words, these borrowers will likely see the interest fees for their loans waived between October to December 2021.

This move came following a Cabinet meeting that took place on 10 September 2021, during which ministers approved a proposal to table amendments to the Temporary Measures for Government Financing (Covid-19) Act 2020. This entails raising the ceiling limit of the Covid-19 Fund from the current RM65 billion to RM110 billion, as well as increasing the statutory limit of federal government debt from 60% to 65% of gross domestic product (GDP).

(Image: Bloomberg)

For context, the government had previously announced a
second six-month blanket moratorium
 for all individual borrowers (
B40, M40, T20, and microentrepreneurs
) under the PEMULIH package. It is similar to the
first blanket moratorium
 that was offered back in 2020, with Tengku Zafrul confirming that it is
not interest free
. Compounded interest and penalty charges incurred, meanwhile, are both exempted.

Aside from announcing the waiving of interest fee, the statement from MOF also emphasised that the ministry will strive to accelerate Malaysia’s economic recovery and enhance national resilience through Budget 2022. These will be done through the formulation of business and investment-friendly policies.

(Sources:
The Edge Markets
,
Business Today
)

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Tengku Datuk Seri Zafrul Abdul Aziz

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Alex Cheong Pui Yin

Alex Cheong Pui Yin

Previously covered recruitment-related stories and had a short stint as a copywriter for the property industry. She subsequently developed an interest in investment and robo-advisors.

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American Express brings you Tea with Mum at the Corus Hotel

Pai Tee at Dondang Sayang High Tea – it's poetic.

Dondang Sayang Coffee House at the Corus Hotel in collaboration with American Express is offering you a 20% discount on Mother and Father’s Day High Tea (valid on 12 May and 16 June; Mother and Father’s Day respectively).

If tea is not your thing, you can also opt for the buffet dinner at a 25% discount on both Mother and Father’s Day as well (valid on 12 May and 16 June; Mother and Father’s Day respectively). If you’re thinking of just a buffet dinner with your mates, there’s also a 25% discount on the Around the World buffet dinner (valid until end June 2013).

Prior reservation is required and promotion is for dine-in only. Minimum booking of 2 persons and a maximum of 10.

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Standard Chartered Announces Multiple Revisions To Privilege$aver Campaign, Effective February 2021

Standard Chartered Bank has announced several sweeping changes to its Privilege$aver high interest savings account, slated to take effect from 1 February 2021 until 31 January 2022. The revisions cover the base and bonus interest rates, the caps on the monthly amount that you can earn interest on, as well as the earning requirements for some bonus categories. Interestingly, it potentially allows you to earn
more
 interest than before.

The existing Privilege$aver campaign allows accountholders to earn a
maximum total interest of 4.6% p.a.
 when they carry out certain transactions under the Save, Spend, and Invest/Insure categories.

Come 1 February 2021, however, you will see quite a fair amount of changes being implemented, which will enable you to earn interest of up to
4.75% p.a
.
 instead. We’ve summarised the upcoming revisions in the table below:

Category

Before 1 Feb 2021

Effective 1 Feb 2021

Criteria effective 1 Feb 2021

Rate

MAB Cap

Rate

MAB Cap

Base rate

0.10% p.a.

All balance

0.05% p.a.

All balance

–

Save

1.50% p.a.

RM200,000

0.90% p.a.

RM100,000

Single deposit of minimum RM3,000 in fresh funds

Spend

(i) Credit card

1.00% p.a.

RM100,000

0.90% p.a.

RM100,000

Minimum spend of RM1,000

(ii) Debit card

–

–

0.90% p.a.

RM100,000

Minimum 5 transactions per month

Invest/Insure

2.00% p.a.

RM20,000 or RM100,000

2.00% p.a.

RM100,000

Minimum RM30,000 investment in unit trust, or RM30,000 annual premium in insurance products

Total rate

4.60% p.a.

4.75% p.a.

Here are the full changes to every category in the Privilege$aver campaign in the upcoming revision:

Base interest rate

The base interest rate for the Privilege$aver account will be reduced from 0.1% p.a. to 0.05% p.a..

Bonus category: Save

The bonus interest rate for the Save category will be reduced from 1.5% p.a. to 0.9% p.a., and the cap on the monthly average balance (MAB) is also slashed from RM200,000 to RM100,000. The minimum deposit amount remains unchanged at RM3,000 per month.

In other words, you are currently able to earn 1.5% p.a. bonus interest on up to a monthly amount of RM200,000 via this category. After 1 February, however, your earnings will be limited to 0.9% p.a. bonus interest on a maximum MAB of RM100,000.

Bonus category: Spend

At present, accountholders are allowed to earn 1% p.a. when they spend a minimum of RM1,000 on their Standard Chartered credit cards. Starting from 1 February, Standard Chartered will revamp this category to offer a bonus interest of 0.9% p.a. for both credit and debit card spend. This means that you can earn a total bonus interest of 1.8% p.a. by using both Standard Chartered credit and debit cards.

For credit card expenses, you will still need to meet a minimum spend requirement of RM1,000 to get the 0.9% p.a. bonus interest, applicable on up to RM100,000 MAB. The new debit card requirement lets you earn an additional 0.9% p.a. bonus interest by performing at least five retail transactions on your debit card. This is also applicable on up to RM100,000 MAB.

It’s worth highlighting here that Standard Chartered is effectively letting you earn more bonus interest (1.8% p.a. vs 1.5% currently) with the upcoming revision. We’ve reached out to the bank to check if there’s a minimum amount required for the five debit card transactions, and have been told that there will not be one – making it a lot easier to unlock 1.8% p.a. bonus interest come 1 February onwards.

Bonus category: Invest/Insure

The bonus interest provided under the Invest/Insure category will remain at 2.0% p.a., but the earning requirement will be revised. Currently, you are required to spend a minimum of RM1,000 per month on selected unit trust or insurance products via a Regular Savings Plan to get the bonus interest. With the latest revisions in place, you will need to spend at least RM30,000 annually on similar products to qualify for the bonus interest instead.

In addition, the bonus interest – which was previously paid monthly for 12 months when you meet the requirements – will now only be paid for 3 months. Standard Chartered is also standardising the MAB to only RM100,000, as compared to the previous tiers of RM20,000 or RM100,000 (depending on the minimum spent on investment or insurance products).

(Image: Global Business Outlook)

The latest revision to the Privilege$aver account will require accountholders to be tweak their strategies in order to meet these new requirements. The new Spend requirements will make it easier to unlock 1.8% p.a., but those who wish to unlock the Invest/Insure bonus will need to spend more to earn it (from RM1,000/month to RM30,000 annually).

Additionally, the standardisation of the MAB caps effectively means all interest earned will only be applicable to a maximum MAB of RM100,000 – so if you have more, it’s a good idea to split the surplus savings to some of the other
best high-interest savings accounts in Malaysia
.

(Source:
Standard Chartered
)

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Alex Cheong Pui Yin

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AKPK Offers To Help Business Owners and SME Employees, Outlines Five Proposals

(Image: Mypt3.com)

Business owners and employees of small and medium enterprises (SMEs) impacted by the Covid-19 pandemic can now seek assistance from the Credit Counselling and Debt Management Agency (AKPK). This comes after the agency outlined five proposals to support these parties in need.

“SMEs are crucial in moving the country’s quest to become a higher-income nation. Individuals and business owners who are affected by the crisis are welcome to seek assistance to solve their difficulties. We will help by providing ways to manage it,” said the operation general manager of AKPK, Nor Fazleen Zakaria.

Nor Fazleen further added that the measures proposed will include financial review and counselling, enrolment in debt management programme, delivery of financial education modules, voluntary arrangement service, and lifestyle change programmes.

To illustrate how AKPK can help, Nor Fazleen cited that businesses facing financial difficulties and cannot pay its bills will need to consider liquidating their assets. “During the financial review and counselling, some of the ways we can assist them are by connecting them to the Human Resource Department, Social Security Organisation’s (Socso) social synergy programme, and other entities,” she elaborated.

AKPK also has a debt management programme to assist individuals or business owners who have been overleveraged. The agency can approach banks on their clients’ behalf to request for a debt restructure or a lower monthly instalment.

While the Perikatan Nasional government has done its best to help SMEs with the
Prihatin Economic Stimulus Package
 and the
Extended Prihatin Economic Stimulus Package
, Nor Fazleen said that it will take a while for the aid to make any real difference on the ground. In the interim, SMEs may be unable to pay salaries and may face possible bankruptcy.

(Image: The Malaysian Reserve)

“They may resort to using credit cards to support their fixed costs, and only make minimum payments on the cards when due. The inevitable burden from the loans could be devastating down the road,” Nor Fazleen explained.

AKPK
 was originally set up by Bank Negara Malaysia (BNM) in 2006 to help individuals take control of their personal financial situation and gain the peace of mind that comes from the wise use of credit. It primarily offers three main services: financial education, financial counselling, and debt management programmes.

For more information, you can head on to
AKPK’s
 website, or contact the agency’s POWER! AKPK Infoline at 03-2616 7766.

(Source:
Focus Malaysia
)

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Luno To Rely On Proactive Outreach, Education-First Approach To Boost Local Digital Asset Market

(Image: The Edge Markets)

Crypto exchange Luno Malaysia has reiterated its commitment to support and advance Malaysia’s digital asset landscape in 2023, specifically through proactive outreach and close collaboration with local regulators. This comes as Luno reports that its total number of customers has increased by more than 11.3% year-on-year despite a challenging market in 2021, amounting to over 800,000 customers at the end of 2022.

In a statement, Luno said that this growth in its customer base indicated a sustained customer demand for cryptocurrencies in Malaysia, as well as a shift in investors’ mindset in adopting a longer-term perspective with regard to their digital asset investments. More importantly, it also highlighted their confidence in crypto’s future potential.

As such, Luno said that it aims to continue serving as a platform that not only allows Malaysians to invest safely, conveniently, and responsibly, but also educates its investors through resources that are made accessible to all.

“Luno has consistently been supporting and building Malaysia’s digital landscape through our close collaboration with local regulators such as the Securities Commission (SC). Per SC requirements, customer funds from Luno Malaysia are segregated from corporate funds, and stored safely according to industry-leading principles. Luno’s stringent compliance with local regulations provides all investors with peace of mind in further building their investment portfolios,” said the country manager of Luno Malaysia, Aaron Tang.

Luno also highlighted several initiatives and outreach programmes that it undertook in 2021 to be more inclusive, as well as to educate the public on the long-term prospects of digital assets. One such effort is the
localisation of the Luno app in Bahasa Melayu
, thereby enabling over 18,000 customers to invest using BM as their primary app language.

Additionally, Luno became the official
crypto investment partner and co-sponsor of the Liga Super Malaysia (MFL) and Piala Malaysia
, in a bid to raise awareness on cryptocurrency and investing among young Malaysians. This is on top of its
Move with Luno campaign
, which saw Olympic diver Pandalela Rinong and national footballer Zaquan Adha becoming Luno’s ambassadors.

Other efforts by Luno to improve its users’ investing experience on the app were also introduced, including adding several new coins last year to cater to investors’ increasing appetite for alternative coins, namely
Chainlink (LINK), Uniswap (UNI)
,
Cardano (ADA), and Solana (SOL)
. Additionally, it rolled out the
Multiple Coins feature
 that lets investors buy multiple coins at one go at a reduced fee, and revamped its Luno Rewards feature so that investors are encouraged to invest more regularly.

Moving forward, Luno said that it believes more needs to be done in terms of education, especially as the crypto market has shown some signs of improving. The price of Bitcoin, for instance, recently rose to RM130,000, performing much better than the price back in November 2022 (RM67,000 to RM71,000). Correspondingly, the
Crypto Fear and Greed Index
 also hit its highest index score thus far into 2023, at a score of 68 in March. Briefly, this index measures investors’ sentiments with regard to the crypto market; the higher the score, the “greedier” investors are for crypto.

“We remain committed to supporting the nation’s digital agenda through our proactive outreach by increasing awareness through education, and ongoing commitments to ensuring responsible governance. Regardless of the conditions at play, we will continue creating awareness and driving education efforts for the Malaysian public on the long-term value and prospects of digital assets,” said Tang.

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Alex Cheong Pui Yin

Alex Cheong Pui Yin

Previously covered recruitment-related stories and had a short stint as a copywriter for the property industry. She subsequently developed an interest in investment and robo-advisors.

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Signatures, Pins and …Selfies? The Past and Future of Credit Card Security

Back in 2016, banking institutions and non-bank payment card issuers in Malaysia have rolled out the first phase of PIN-based payment cards to replace the existing signature-based payment cards. As a move to enhance security of payment card users when performing transactions at POS (Point of Sale) Terminals, the new payment card regulation was met with mixed reactions among Malaysians when it was first announced.

The situation was worsened with the rise of existing, unfounded rumours regarding the Pin and Pay System making it rounds around the social sphere, creating a state of distrust among debit and credit card users.

Recently, major credit card issuers in the United States have announced that they too are phasing out signature-based cards in favour of pin-based payment cards so yes, that indirectly means that we are ahead of other countries when it comes to ensuring that our payment system is secure and up to date.

Credit card security have definitely come a long way so if you are curious to know how did it all started with signatures and how does a selfie comes into play, read on!

Signatures

When the first universal credit cards are introduced for public use back in the 1950’s, the primary factors that lead to its popularity is due to the fact it is convenient, easy to carry around and comes with complex security features that are uncommon at that time such as the card’s account number, its signature panel, and a magnetic strip that modifies the magnetism of tiny iron-based magnetic particles on a band of magnetic material to store data on the card.

In 2005, the magnetic strip on a credit card is replaced with an EMV/smart chip as an enhanced security feature. A smart chip is used to create a secret unique cryptographic key that requires validation that is used for the approval of the transaction.

Moving on, one of the things that you will note at the back of the card is the signature panel, a security design feature that is used to document the owner’s handwriting. This is used to detect signature forgery as an effort to prevent
 credit card fraud
.

Although signatures are still an applicable form of payment verification in some countries, it is gradually discontinued, paving the way for the usage of pin-based credit cards to authenticate a transaction. Which then brings us to…

Pin and Pay

You may have recall being a part of the 25 million users affected by the pin migration exercise. Upon receiving several timely SMS-based reminders, some of you have immediately scheduled an appointment with your respective banks to replace your existing cards.

Or, you may have even waited until the final hour (in some cases,
 procrastination does have its perks
) to do so or even took the chance to
 cancel your existing card/close your banking account
 for good and
 sign up for a new credit card
. So really, you may be wondering, what is it about the Pin and Pay that makes it different from its predecessor?

Well then, unlike earlier credit cards that needs your signature on a credit card slip (or in some establishments, an electronic pad with a clunky stylus) for your transaction, a pin-enabled credit card utilises a 6-digit password of your choice for payment verification.

This, in turn, will reduce the possibilities of credit card fraud as pins are only known to user and users are expected to insert their own cards in the terminal although it is common practice for some shops to request for your card number as a part of their payment policy. Regardless, the Pin and Pay system is here to stay and it is definitely in line with the emerging trend of Malaysians who prefer to rely on electronic payment methods as opposed to using cash for their daily activities.

And just when you think that this is the pinnacle of credit card security, there are newer verification methods for transactions that have yet to reached our shores and yes, it involves a selfie.

The Future of Credit Card Security

With the rise of prominent payment networks tapping into biometrics as a fraud protection measure, perhaps not too far from now, your fingerprints, voice or even a selfie will matter when it comes to approving a credit card transaction. Not long ago, Visa have announced that they are testing out payment cards with built-in fingerprint scanners with Bank of Cyprus and Mountain America Credit Union participating in the trials.

To sum it all, it’s pretty much the stuff that you see on Minority Report, except that instead of science fiction, it’s happening for real. Who would have thought that a ‘simple piece of plastic’ would have so much history attached to it? And now that you know, there’s no better time than now to perfect your selfie for the future of financial transactions.

While you are at it, you want to take a closer look at the credit card that you have right now to discover the other
 cool features
 that it comes with. Don’t have a credit card in hand yet? No worries, all you need to do is to check out the <a href=”
https://ringgitplus.com/en/savings-account/”target=”_blank”>
 comparison tool

at our website and find out which credit card suits your spending style best.

Are there any other credit card security features that we have missed out on? Let us know in the comment section below.

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BNM: Wider Adoption Of Digital Financial Services Hindered By Low Awareness, Limited Financial Literacy

(Image: Amanz)

Certain segments of the Malaysian public continue to avoid tapping into digital financial services (DFS) due to several reasons, said Bank Negara Malaysia (BNM). These include factors such as low awareness, trust, and confidence, as well as limited digital financial literacy.

Highlighted in its recently published
Annual Report 2022
, the central bank said that this serves as a reminder of the importance of financial literacy for Malaysians from all backgrounds, especially as a life skill. If picked up, consumers will have the necessary knowledge and resources required to conduct their daily financial activities responsibly and confidently, including those performed via digital financial service providers.

“Enhanced financial literacy, including digital financial literacy, ultimately empowers consumers to take better advantage of DFS in managing their day-to-day finances, leading to better lifestyle choices and wellbeing,” said BNM, adding that consumers need to know how to identify the right products and services for themselves, including for investments. This is especially since there has been a significant growth in the number of financial apps and tools in the market.

That said, BNM also reminded that the adoption of DFS is not necessarily the sole indicator of someone possessing good financial literacy knowledge. Drawing from the findings of its Financial Capability and Inclusion Demand Side Survey 2021 (FCI Survey 2021), BNM said that about 74% of Malaysians are shown to have adopted DFS, but the level of digital financial literacy among Malaysians is still generally low.

“This gap would increase the risks of consumers falling prey to online fraud such as phishing, hacking attacks, unauthorised use of data, and being used as mule accounts. Reported cases of victims falling prey to financial fraud and scams point to the compromise of personal information as the dominant risk factor,“ BNM stressed.

The central bank emphasised that it is crucial for DFS users to learn and build good cybersecurity habits – as part of their financial literacy education – to protect their personal information. This can go a long way in reducing the chances of becoming a scam victim.

(Sources:
BNM
,
The Sun Daily
)

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Alex Cheong Pui Yin

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RHB Bank Waives Fees For Instant Fund Transfer

(Image:
Utropolis marketplace
)

RHB Bank has announced that it is waiving fees for instant funds transfer (ITF) for all its customers, effective immediately. This is in line with Bank Negara Malaysia’s announcement requiring banks to waive this fee to encourage greater online banking use.

In a press statement, RHB Bank said the removal of the IFT fees from the Instant Fund transfer service on its RHB Now online banking website has been in effect since 18 May. This makes it one of the earliest banks to adhere to BNM’s request for banks to waive IFT fees for transactions worth RM5,000 and below made by individual and small medium enterprise starting from 1 July.

While RHB Bank customers can now transfer their money electronically without any charges, RHB is not the first bank in Malaysia to waive instant fund transfer charges. CIMB Bank started offering free online transfers via its online banking platform and mobile app on 25 April. Meanwhile, Maybank also announced it will waive the fees for all instant fund transfer worth RM5,000 and below performed via Maybank2u.com, the Maybank2u app, and Maybank ATMs with effect from 1 July.

(Source:
The

Edge
,
Maybank
 and
The Sun Daily
)

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9 home loan rules you must read

Rule 1. The Price of Money

It’s been said that a bank is arguably more dangerous than a standing army, but where else can we go when we want to borrow money? Unless you have a sugar daddy/mama, you don’t have much of a choice.

The cold truth is: it’s a bank’s job to lend so their payment is earned through charging interests and fees. Interest is the price of money, and the price of money can be very high.

Rule 2. The Monthly Instalments Recipe

There are four things to look out for when calculating your monthly mortgage payments:

Loan Principal: The more you borrow, the more interest you’re going to pay: this is a fact.

Interest rate (BLR/BFR plus/minus x%): Most variable rate loans are pegged to the Bank Lending or Finance Rate. Banks used to operate solely on a plus x% BLR system but when tough times came, rates were reduced to minus x%. The math is simple: the bigger the minus x% or the lower in plus x% in your equation, the lower your interest is going to be.

Duration of loan = tenure. The longer you take to pay off your loan, the more interest you’ll pay.

Interest Calculation – daily-rest, monthly-rest, or yearly-rest. This is an important one: it’s HOW the interest is calculated that makes a difference to the cost of your mortgage because of how the rate is compounded. The more often interest charges are computed, the lower the amount of interest is paid over the loan tenure. It means that for the same interest quotes, the total interest payable is lower in daily-rest than monthly-rest or yearly-rest. Everyday makes a difference!

Rule 3. The Golden Ratio

Your monthly installment pays off two things, your interest and your principal: For most home loans, the first ten years you will be paying about 80% on your interest and 20% on your principal every month.

If you could pay off your principal faster you’d pay less interest and own your home faster. Flexi mortgages allow you to pay extra on your principal whenever you want.

Flexi mortgages can save you a lot of money.

Rule 4. Fees, Fees, Fees

This is unavoidable. When you buy a property, you need to have two procedures completed: to transfer ownership of the unit from seller to you and to mortgage your property to secure a housing loan. To help you achieve this, the lawyers will charge you an arm and a leg. There will be two legal fees to pay; the fees on the execution of the Sale and Purchase Agreement as well as that of the Loan Agreement which will be prepared by lawyers commissioned by the bank. The bank will bear the cost of the latter agreement first but the amount will then be deducted from your loan. For the Sale and Purchase Agreement, you will need to source your own lawyer. For new properties, developers frequently arrange to have this done at no charge as part of a ‘package’ to entice you to buy their property. As such, do check with your developer what they are willing to offer before forking out more money.

There will also be fees for the Memorandum of Transfer of the ownership of property and valuation fees to determine the true market value of the property.

You also need to get a fire insurance and it is advisable to buy a MRTA (Mortgage Reducing Term Assurance). Try avoid including these fees into your loan if possible. Remember Rule 2, the higher your principle is, the more interest you pay.

Rule 5. Knowledge is Your Friend

Do thorough research – you’ve done well considering you’ve stumbled upon this article! Something as abstract and alien as home loans may become understandable with enough research. You may also be surprised if the bank has offered an interest rate different from what is published online, so do not treat everything you’ve read as gospel until you’ve actually talked to a bank representative.

ALWAYS make an effort to put your chin up and talk to the loan officer to negotiate! You may get lower interest rate as much as 0.15% if you have a good credit rating, something you wouldn’t know if you didn’t do some homework of your own. Additionally, utilise a loan calculator spreadsheet online to tabulate different scenarios like excess repayments and different loan period and compare.

If you are going to pay 40% of your salary towards your mortgage for the next 30 years, it’s worth the extra time for you to fully understand what you’re heading head first into.

Rule 6. Read the Fine Print

Remember those tiny asterisks? Well, in a loan documents, you will get a few. Always watch out for the terms and conditions. Remember Rule 1 and Rule 4? There are a million and one hidden fees that you might encounter once you take up a loan. You pay to have an auto deduction from your saving to photocopy any security documents that the bank insists to keep for your behalf, and even when you request for an additional loan statement.

To withdraw the money from EPF to reduce your loan, you need a letter from the bank to verify it and yes, you also need to pay for it. When settling your loan early, you need the bank to tell you how much the outstanding balance is and the figure in your current bank statement won’t do, the bank insist to issue you this letter (they call it redemption letter) and guess what? You will have to pay for that too.

Rule 7. Repayment Discipline and Beware the Repo Man

Banks can and will charge you overdue interest rate of 1% to 3%, if you are late on your installments, even if it means being 1 day late. Each default will have a rollover effect and will be added into your outstanding principal, increasing the total interest you will be paying. See Rule 2.

The bank can and will repossess your property if you fail to pay your loan instalments. It’s their right and it is stated in the loan documents. You can however, negotiate for a payment holiday with the bank if you really cannot afford the instalment for that month. But as stressed in Rule 1, it will cost you! Somebody is going to pay… and it’s won’t be the bank.

Rule 8. Don’t Hesitate to Negotiate

You can negotiate with the bank to reduce your loan interest rate or revise your loan package after a few years. If you have solid proof that another bank can offer you a better rate, ask your bank to consider reducing theirs. This will require you to have an existing relationship with your bank, as it is easier for them to track your financial records. Note: some bank charges you a fee when you make such requests! See Rule 4.

Always remember, you can switch your loan to other banks or different packages within the same bank. Just remember to factor in the fees and charges like legal fees and stamp duty.

Rule 9. The Importance of Documentation

Always ask for written documentation from the bank officer before you agree to take the offer. To avoid misunderstanding, don’t rely solely on verbal communication given by the bank staff. See Rule 1.

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    Loh Chee Keong

    3 years ago

Hi, do you know which banks provide cheaper loan interest rate for an old property ?

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Save and Earn More Rewards When You Shop Online with The HSBC Platinum Mastercard® Credit Card

There’s an easy elegance to shopping online – it only takes a few clicks on your phone or laptop and, with not a banknote in sight, you become the proud owner of your latest purchase.

With such convenience in the palm of your hand, it’s no surprise that

online shopping has carved a space for itself in the new norm
. The e-commerce industry has seen a surge of online transactions, especially in recent months, as both consumers and businesses have scampered to adopt digitalisation into their daily routines.

Given this exciting shift, the
HSBC Platinum Mastercard® Credit Card
 is a great companion to help you enjoy additional benefits as you ride the wave of digitalisation, allowing you to earn Reward Points for online shopping and contactless spending as well. These Reward Points can, in turn, be used to redeem a variety of products and vouchers, letting you save even as you spend.

Online Shopping is More Rewarding with 5x Reward
Points
1

Whether you’re shopping for a new outfit, the latest gadgets, or just stocking up on household essentials, you’ll gain more points with the HSBC Platinum Mastercard® Credit Card. Be rewarded with 5x Reward Points
1
 for every RM1 spent on online shopping on popular e-commerce platforms such as Lazada, Shopee, Zalora, and Fave.

Need to do your grocery shopping but can’t find time to go to the store? Shop online with HappyFresh and enjoy the convenience of having your grocery shopping delivered to your doorstep. Best of all, you’ll gain the 5x Reward Points
 when you do your shopping online with the HSBC Platinum Mastercard® Credit Card.

Additionally, these points are not limited to local online shopping —  overseas purchases are also rewarded with 5x Rewards Points. If you’re looking to purchase the newest technology, fashion, and luxury items from outside Malaysia, the HSBC Platinum Mastercard® Credit Card’s got you covered.

However, if shopping online is not something you do frequently, you can still earn Reward Points for other online payments. Regular users of Grab will be happy to find that they too can gain 5x Reward Points when they use the HSBC Platinum Mastercard® Credit Card to pay for their commutes, food delivery, and even for topping up their GrabPay Wallet.

From shopping for your everyday necessities to paying for your daily commute, it’s so easy to accumulate Reward Points with the HSBC Platinum Mastercard® Credit Card. After all, you don’t need to do much else except go about your daily routine.

That’s Not All – Get 8x Reward
Points
1
on Contactless Spending

While a good portion of shopping can be done online, sometimes heading out to the store is inevitable. But that does not mean you should lose out on Reward Points.

When shopping in-store or visiting your favourite restaurant, be sure to use the contactless payment feature of your HSBC Credit Card to be rewarded with Reward Points! You’ll be able to gain 8x Rewards Points
1
 for every RM1 spent via contactless purchases made with the HSBC Platinum Mastercard® Credit Card.

With health agencies and our government encouraging contactless payment methods, this credit card is literally rewarding you for going contactless. Remember, you can still use the tap-and-pay feature even for purchases above RM250 – just tap and enter your PIN number at the terminal.

Save More By Using Your Reward Points to Redeem Gifts and Vouchers

As we’ve seen above, earning Rewards Points for online shopping, groceries, and overseas spending is so easy. Add to that the points you may receive for contactless spending on dinners and more spread over a few months and you’ll be earning plenty of Reward Points.

With all these Rewards Points in hand, the question now is — what do you do with them?

The
HSBC Rewards Catalogue
 has a wide range of exciting products and vouchers that can be redeemed with your Rewards Points. This means you can simply exchange the Reward Points gained through your day-to-day expenses for items like RM100 Lazada vouchers without spending an extra cent – thus allowing you to save more.

Browse through the catalogue and you’ll find more than just vouchers up for grabs, from gadgets such as the Sony PlayStation 4, household items like exclusive Noritake dinner sets and Samsung Powerbot Vacuum Cleaner, and so much more available for redemption.

So, if these features check all the boxes of what you’re looking for in a credit card, you should take a closer look at the HSBC Platinum Mastercard® Credit Card. Get more Reward Points for every online and contactless purchase and get more bang for your buck by using those points to redeem a variety of exciting products.

What’s more, until 31 October, approved applicants who spend a minimum of RM2,000 with their new HSBC Platinum Mastercard® Credit Card will receive an RM500 Lazada
e-Voucher
2
.

Apply for the HSBC Platinum Mastercard® Credit Card here.

1
Terms and Conditions for HSBC Platinum Credit Card Programme apply. Effective 15 July 2019. The Additional Reward Points are awarded up to a maximum of 3,000. Additional Reward Points each for Contactless Purchases, Online shopping spend and Groceries spend and 6,000 Additional Reward Points for Overseas Transactions as defined in Clause 16, per Eligible Cardholder, per Month (“Additional Reward Points Cap”). 1x Reward Points will be awarded for every RM1.00 transaction charged after the Additional Reward Points Cap is met and all other retail transactions that falls under Eligible Spend. The terms used herein are as defined in the Programme Terms and Conditions.

2
HSBC
Lazada eVoucher November 2020 Acquisition Campaign Terms & Conditions apply. Sign-Up Period runs from 1 November 2020 to 31 January 2021, both dates inclusive. To participate, customer must apply for a primary HSBC credit card(s)/-i and complete the application, including submitting the necessary income documents through Our website. “Gift” refer to one (1) unit of RM500 Lazada eVoucher for approved applicant of HSBC Platinum Mastercard® Credit Card or one (1) unit of RM350 Lazada eVoucher for approved applicant of HSBC Visa Signature Credit Card or HSBC Amanah MPower Platinum Credit Card-i. You stand a chance to receive maximum one (1) unit of the Gift upon fulfilment of the Participation Criteria, on a first come first served basis, subject to maximum total of 750 units Lazada eVoucher (both RM500 and RM350 eVoucher combined) throughout Campaign Period and the terms and conditions of this Campaign.

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