Cryptocurrency Security Risk: Awareness Among General Public in Malaysia

• Published in: International Journal of Accounting & Finance in Asia Pasific Vol. 7; no. 3; pp. 461 - 477
• Main Authors: Effendi, Azura Abdullah, Teow, Boon Keong, Teh, Kai Guan, Tan, Yin Ann, Tay, Hsue Li, Tang, Yuxin, Chaudhary, Simran, Kee, Daisy Mui Hung
• Format: Journal Article
• Language: English
• Published: 19.10.2024
• ISSN: 2684-9763; 2655-6502
• DOI: 10.32535/ijafap.v7i3.3296

In the age of digital payments, cryptocurrencies have gained significant attention as an alternative investment option. However, security risks such as phishing, hacking, and fraudulent exchanges present challenges for investors. This study aims to assess the level of awareness among the general public in Malaysia regarding cryptocurrency security risks. A quantitative research method was employed, using a survey questionnaire distributed to 150 Malaysian citizens via social media platforms. The questionnaire explored respondents' knowledge of cryptocurrencies, awareness of security risks, and protective measures such as security programs, two-factor authentication (2FA), and education. The results of the regression analysis show that the installation of security programs, 2FA, and public education are all significant predictors of increased awareness of cryptocurrency security risks, with a combined R² value of 0.523. This suggests that 52.3% of the variance in awareness is explained by these factors. The study concludes that strengthening security measures and providing education can significantly improve public understanding of cryptocurrency risks, leading to safer investment practices. The implications of these findings highlight the need for targeted education and security initiatives to enhance public confidence in cryptocurrency, making digital currency investments more secure