The crime of online fraud caused hundreds of millions of losses in 2021. Although the danger of online fraud has been announced by the government and the media almost every day, there are still many victims. Bank Negara Malaysia announced they will launch a National Fraud Portal in mid-2024 to counter this increasingly serious issue.
Through the National Fraud Portal, BNM will work with the country's financial institutions to strengthen the existing system. In addition, this portal was also developed to fight account stores used by irresponsible parties to carry out their financial criminal activities.
Through the same portal a system will be developed to analyze a bank account that may be used as a donkey for a fraudulent scheme. With this, when fraud is committed, the victim's money can be traced and subsequently returned.
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BUSINESS & MONEY