Bank Negara Malaysia (BNM), Payments Network Malaysia Sdn. Bhd. (PayNet), and financial institutions have launched the National Fraud Portal (NFP) as an integrated platform to strengthen the operational capabilities of the National Scam Response Centre (NSRC).
NFP automates the end-to-end process of handling scam reports and tracing of stolen funds by the NSRC. The integrated platform allows:
- Automated fund tracing and recovery – financial institutions can swiftly track stolen funds across the entire financial system through automated tracing. It prevents further transfers and increases the prospect of fund recovery.
- Effective industry-wide information sharing and collaboration – for financial institutions to share information and intelligence on fraud incidences.
- Data-driven mule assessments – NFP is supported by credible data on mule accounts that will facilitate better identification, assessment and monitoring of mules.
Along with the NFP, the financial industry has also agreed to adopt industry-wide procedures for reporting and handling mule accounts.
These procedures enhance the quality of industry-wide mule account data through streamlined mule classification.
It also standardises the industry's approach towards treating mules to ensure account holders affected by mule account activities can continue to access basic financial services.
These procedures enhance the quality of industry-wide mule account data through streamlined mule classification.
It also standardises the industry's approach towards treating mules to ensure account holders affected by mule account activities can continue to access basic financial services.
These measures complement BNM’s multi-pronged approach to combat financial scams. This includes BNM’s recent directive to financial institutions to ensure victims of unauthorised online banking transactions are treated fairly.
Among others, BNM requires financial institutions to ensure robust fraud investigation processes with enhanced transparency and disclosure obligations.
The policy also underscores the need for joint accountability in cases where evidence points to lapses on the part of the financial institution and also negligence on the part of the victim.
This approach balances the need to ensure banks continuously enhance their fraud control measures while also reminding customers to remain vigilant in protecting themselves from scams.
Members of the public are urged to be vigilant at all times and follow the Amaran Scam Facebook page (facebook.com/amaranpenipuan) or the #JanganKenaScam website (jangankenascam.com) for the latest updates on financial scams.
Those who have fallen victim to a scam should immediately contact their financial institutions or the NSRC at 997.
Those who have fallen victim to a scam should immediately contact their financial institutions or the NSRC at 997.
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