Despite efforts to combat online financial scams, Malaysia continues to face significant losses, prompting the government to enhance the National Scam Response Centre (NSRC). Established in October 2022, the NSRC aims to streamline coordination between key agencies, including the Royal Malaysia Police, Bank Negara Malaysia, the Malaysian Communications and Multimedia Commission, and the National Anti-Financial Crime Centre, to respond rapidly to online scams. However, the center has yet to fully achieve its one-stop anti-scam goal.
The NSRC is currently preparing an official paper to consolidate anti-scam operations under a more formal structure with permanent posts, enabling it to handle budgets, office affairs, and other resources necessary for effective operation. The current setup allows for quick responses to track and freeze fraudulent funds, but scammers remain ahead, necessitating further enhancements to NSRC’s capabilities.
Bank Negara Malaysia is pushing for more robust fraud investigations by financial institutions and is working on developing a National Fraud Portal to strengthen fraud detection and fund-tracing. Additionally, the upcoming Digital Safety Bill is expected to curb the spread of fake messages that facilitate impersonation scams, while Bank Negara continues to advocate for public awareness and good cyber hygiene practices.
The NSRC, in collaboration with financial institutions and telecommunications companies, will continue its efforts to combat online financial fraud. The center’s role includes monitoring police reports, identifying mule accounts, and promoting anti-scam awareness. Public cooperation and awareness remain crucial in preventing scams, as the NSRC strives to protect citizens from financial fraud.
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