Awareness Program: Seminar on Safeguarding Against Online Frauds

An awareness seminar on preventing online fraud through mobile payments took place in Nay Pyi Taw on Monday.

Deputy Prime Minister and Union Minister for Planning and Finance U Win Shein attended the event, emphasizing the significance of online security in the face of increased social and economic reliance on online platforms.

In the ASEAN region, countries like Brunei, Cambodia, Indonesia, Malaysia, and Singapore witnessed a surge in cybercrimes, predominantly online frauds, totaling 511.3 million US dollars. In Myanmar, between 2021 and 2024, there have been 482 reported cases of online fraud. Actions have been taken against those involved, including 23 Nigerians, 1 Thai, and 59 Myanmar citizens.

Over the last two years, there has been a 25% increase in mobile banking users and a 44% rise in mobile payment users.

Governor, Central Bank of Myanmar, Than Than Swe said “Despite awareness notices from banks, public awareness remains low. The event aimed to broaden knowledge on online frauds, featuring discussions with experts from external sources and officials from banking institutions.”

Among the discussants were experts from external sources as well as concerned officials from banking institutions, and they shared knowledge to prevent being victims of online frauds.

Governor, Central Bank of Myanmar, Than Than Swe said “The National Payment System Supervision Committee, formed by the Central Bank of Myanmar, identified various issues during daily meetings. The seminar covered topics ranging from cybersecurity and merchant obstacles to the efforts of banking institutions, prevention measures by the Central Bank of Myanmar, and user queries regarding the government's response to online frauds.”

Similar awareness programs would be organized in Yangon and Mandalay, aiming to equip the public with knowledge on tackling the rising threats of online frauds.