Malaysia has seen an increase in digitization in almost all aspects of its people's daily lives, especially in the usage of online banking or e-wallet transactions. However, a rise in online financial scams in Malaysia has been reported recently. People have become unaware of the transparency of their information as a result of their reliance on the Internet. This study aims to identify the awareness on online financial scam in Malaysia using the Technology Threat Avoidance Theory (TTAT) and Theory of Planned Behavior (TPB). Independent variables included are cybersecurity knowledge, perceived severity, subjective norm, as well as security and privacy concerns. The data collection method in this study is primary data and 384 sets survey questionnaires were collected. Partial Least Square Structural Equation Modelling (PLS-SEM) software was used to generate the statistical analysis. The results showed that cybersecurity knowledge, perceived severity, and subjective norm have a significant relationship with the awareness on online financial scam, while security and privacy concerns have an insignificant relationship with the awareness on online financial scam. This study will provide an insight for Malaysians, particularly companies, and policymakers so that they can better understand the ways to increase awareness on online financial scam.
Kuah et al. (Fri,) studied this question.