MCPF Penang ex-Officio SLC Member Assoc. Prof Dr. Selvakumar Manickam (USM) was interviewed by BFM 89.9 to share his viewpoints with regards to Bank Negara Malaysia’s new and tighter Security Measures to combat SCAMs and Financial Crimes that was announced by Bank Negara’s Governor Tan Sri Nor Shamsiah binti Mohd Yunus alongside with IGP Tan Sri Acryl Sani bin Abdullah Sani during a Financial Crime Exhibition organized by the  Museum and Art Gallery of BNM together with PDRM. The 20+ minutes podcast aired on 27^th September 2022 outlined the 5 include Financial Institutions having to migrate away from One Time Password (OTP) to more secure forms of authentication for on-line activities or transactions; the limitation of one secure mobile or secure device for the authentication of on-line banking transactions; tightened fraud detection rules and triggers for blocking suspected scam transactions; the alerting of customers when any such activities involving their banking accounts is detected; the implementation of a ‘cooling off period for the first time enrolment of on-line banking services or secure devices; and, financial institutions having to set up dedicated hotlines for customers to report financial scam incidents. Dr. Selvakumar Manickam’s opinions (as a Cyber Security expert) was sought in particular on the concerns and how these measures will impact customers. Would these be useable, reliable and easy to understand? He highlighted that Financial Institutions (where the ‘sugar is attracting ants’) are the most impacted in Cybercrimes. He also stressed that Cyber Criminals will eventually find a way to counteract against any new measures taken. He discussed on Social Engineering to target victims. The download of applications should be from reliable sources like Google Play and Apps Store. The hijacking of OTPS and to enable fraudulent transactions is also a concern. He iterated that the root cause is not the technology but with the user. He explained that SMS is not part of the Internet structure. He stressed that any measures that has been done has been defeated. As an example he mentioned that OTP is now being paired with fingerprint (biometrics) verification or other supportive technologies. He cautioned against security flaws and how users comply and not deviate from such new measures. It was interesting that he stressed that there is no such thing as a ‘Gold Standard’ or 100 percent Security.  Technologies by banking institutions to possibly deploy ‘Artificial Intelligence’. He also outlined that there is a ‘trade off’ between convenience and increased security measures. Bottom line the onus is on the users to learn and use new measures. He also that our Cyber Laws has to be reviewed and beefed up. He shared on what ‘Mule accounts’ are about. He concluded by stating the growing number of scams were due to the gullibility of individuals. Be very careful. Be paranoid. Anything that is too good to be true is probably just not right!