Scam Jam: Bank Negara Malaysia’s Rock-Solid Plan To Crush Fraud

From mule account crackdowns to secure authentication, Bank Negara Malaysia (BNM) is striking a chord in the fight against financial deception.

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Bank Negara Malaysia has unveiled its latest anti-scam initiative, the National Fraud Portal (NFP).

The portal promises to streamline incident reporting, fund tracing and identifying mule accounts, ensuring a rapid response to online scams.

The NFP will utilize algorithms to predict fraud patterns and track funds effectively, enhancing its capability to combat financial crimes.

The unveiling took place at the iconic Sasana Kijang in Kuala Lumpur today (20 Aug), where the message was clear: Malaysia is ready to rock against fraud.

Visitors groove through the fraud and scam prevention booth at Sasana Kijang, soaking up savvy tips to outsmart the cons. (Pix: Fernando Fong)

NFP Enhances Malaysia’s Fight Against Online Scams

Finance Minister II Datuk Seri Amir Hamzah Azizan said the NFP is set to elevate the country’s strategy in combating online fraud by transforming the National Scam Response Centre (NSRC) ‘s previously manual and time-consuming processes.

As a leading automation platform in the region, the portal provides secure access to critical databases to support fraud prevention.

The NFP offers NSRC members dynamic capabilities to detect and prevent fraudulent activities. It will integrate financial transaction data from various sources to automatically identify suspicious transactions and facilitate verification by the involved institutions. This automation accelerates response actions and reduces delays.

Established in 2022, the NSRC has already frozen RM72 million in illicit funds, and over 41,000 scam cases have already been reported, proving its growing prowess.

Amir Hamzah addressing the media, BNM employees and industry members at the launch of the National Fraud Portal, setting the tempo for a scam-free future. (Pix: Fernando Fong)

Comprehensive Measures to Protect Against E-Banking Scams

BNM’s policy emphasizes fair treatment for victims of unauthorized e-banking transactions, balancing consumer protection and institutional responsibility.

Among the critical hits in this anti-fraud setlist are strengthened preventive measures, including the migration from SMS One-Time Passwords to more secure authentication methods.

Introducing a dedicated mobile device for online banking and a cooling-off period for first-time users adds layers of protection against would-be scammers.

The “kill switch” feature, which allows victims to freeze their accounts temporarily, is a crowd favourite. It gives victims the power to stop scammers in their tracks.

Marzunisham Omar (second from right), the Deputy Governor of BNM, and Dr Norhana Endut (second from left), the Assistant Governor of BNM, field questions from the media. (Pix: Fernando Fong)

But the show doesn’t stop there.

The banking industry is harmonizing its efforts by introducing industry-wide standards for handling mule accounts.

This includes stricter rules for opening accounts and ensuring fair treatment for victims while enhancing detection capabilities.

These measures address the growing public concern over why banks have not taken more responsibility for preventing scams and protecting consumers.

semoga dipermudahkan urusan, hmm malaysia sucks.. kt negara jiran dah buat undang2 kalau scammer, bank kena bertanggungjawab , so kurang jenayah.. ini macau scam pon boleh lompat pagar sp*m so paham2 la . info customer pon bank jual
— rrosenani (@green_tea_bxtch) August 8, 2024

Staying Ahead: Malaysia’s Dynamic Strategy Against Evolving Scam Threats

As Malaysia amps its fight against fraud, the upcoming Online Safety Bill and legislative changes to the Penal Code mark a new era in cybercrime combat.

With ongoing public-private awareness campaigns, Malaysia is not just playing defence but leading the charge in scam prevention.

This is especially important given the waves of scams that have occurred in recent years, threatening the financial security of countless individuals and businesses.

Scammers are also ever-evolving, constantly developing new techniques to deceive and exploit, making these proactive measures crucial to staying one step ahead.

Berhati-hati dengan scam pelaburan mesin layan diri! Baru-baru ini, 57 orang kehilangan wang tunai berjumlah RM5.3 juta kepada scam ini. Swipe untuk membaca tip-tip untuk melindungi diri anda!

Sumber : Bank Negara Malaysia pic.twitter.com/i8DKCruZfQ
— MyCommunityNewsPerak (@MyCommPerak) August 15, 2024