##s to plan ahead to secure a sustainable future. looking ahead into the future, it is important for us to be agile and to continuously innovate in facing emerging challenges and the fast changing environment. while the pandemic taught us the importance of economic and financial resilience, it also paved the way for a rapid adoption of digital financial services. this is evidenced by the world bank's finding in their global findex 2021 report which revealed that 79 % of malaysian adults use digital payments, of which 42 % did so for the first time after the pandemic. 2 / 4 bis - central bankers'speeches while the rising importance of digital financial services is welcomed, the adoption of such services without sufficient understanding and knowledge could pose risks to consumers. malaysian consumers are vulnerable to the manipulation of online frauds due to low level of digital financial literacy. common mistakes that led to consumers being scammed include sharing bank account passwords or pin numbers, not paying attention to the legitimacy of a website before making transactions and also clicking on suspicious links a€ “ all of these enable scammers to commit fraud more easily. in our recent publication of the financial stability report, we shared some of the findings of the financial capability and demand survey which bank negara conducted recently. among other findings from the survey, a troubling finding is that, more than a third or 37 % of respondents stated that they have no issue or are willing to share their bank accounts passwords or pin numbers with their close friends. this reflects the lack of understanding on the importance of being vigilance and safeguarding our banking information. as financial transactions and services become increasingly digitalised, malaysians must learn to be more responsible in managing their financial information, well - informed and sensible in assessing investment opportunities, while at the same time increase their vigilance against scams. this is where you, as practitioners, could enhance your role as consumers advocates. it is important for financial planners to continuously provide awareness and alert clients against the latest frauds and scams. public awareness, alongside preventive measures and coordinated enforcement actions, must be elevated to combat this crime and safeguard the hard - earned finances of malaysians. once consumers are sufficiently equipped with the knowledge on using digital financial services responsibly and have a high level of trust in the reliability and security of online services, only then can we reap the full benefits of digitalisation. this ties in with one of bank negara malaysia's aspirations in

realise that they have to pay for good services. listening to you, that all sounds great. is there anything that keeps you awake at night? i always sleep very well. that ’ s probably one of my strengths [ laughs ]. but to be serious, what i really do worry about is the threat of deregulation. not only in the united states, but also in europe. domestic banks haven ’ t noticed this yet. that may be, but i see a clear movement in that direction in current proposals to change european legislation. attitudes towards strong supervision are no longer so positive. after the financial crisis, politicians reinforced the supervisory function and gave it tools to pre - empt looming risks. prior to that, supervisors were often unable to react until the damage had been done. we need to watch out for the pendulum swinging back. where do you see signs of that? there are some proposals for the capital requirements directive that i am concerned about. it may become more difficult for supervisors to require more capital for certain risks. this would weaken the supervisory tools. daniele nouy ’ s term as chair of ecb banking supervision finishes at the end of the year. could you imagine taking her place? i have a great passion for banking supervision, and it will be a turning point for me when i stop 3 / 4 bis central bankers'speeches doing it. but i am convinced that job rotation is good, at all levels. it would be wrong to exclude the chair and vice - chair from this. a fresh perspective is also important in banking supervision. and for you personally? my ecb executive board mandate will then still have three years to run. i will take on new tasks there in early 2019. i won ’ t get bored. for example, what about heading the bundesbank, a position which is likely to change next year? i ’ m not giving that any thought at present. 4 / 4 bis central bankers'speeches