Domain name are intangible. The fact that it is virtual makes most of the domain name owners fail to claim their rights of ownership especially when dispute happens.
A domain name can be owned by an individual or organization. The regulation are defined by Registrar, the accredited parties who can sell domain name. Registrars are again regulated by InterNIC, the domain name foundation.
In Malaysia, domain '.com.my' can only be registered by a registered company in Malaysia. In another words, it will be owned by a company. Therefore, it is important for a company to manage this Internet Assets correctly.
Check the Registrant information, or more often called as WHOIS details. The registrant shows the name of the owner. Since Registrar usually keep track the history of any modification to Registrant information, you are kinda safe if your name is shown correctly.
Yes, there is a risk of someone make changes to the WHOIS and changes the name of registrant. Such disputes can usually be resolved. Registrars play as a good judge in most case.