KUALA LUMPUR - The National Fraud Portal (NFP), a technology-based platform that aims to detect, verify and track fraudulent activities reported to the National Scam Response Centre (NSRC) was launched today.
Second Finance Minister Amir Hamzah Azizan said the NFP will be able to boost the country's strategy to combat online fraud by changing the NSRC process which was previously handled manually and took a lot of time.
"The NFP is the leading automation platform in the region, providing secure access to key databases to support fraud prevention, as well as giving NSRC members a dynamic ability to detect and prevent fraudulent activity.
"The portal would integrate financial transaction data from various sources to automatically detect suspicious transactions and facilitate verification by the institutions involved.
"This automation speeds up actions, reduces fraud detection time, and prevents further losses,” he said at the launch of the NFP at Sasana Kijang today.
Amir Hamzah said that even at the pilot stage, NFP has reduced the time to track fraudulent transactions by 75 per cent and increased the average monthly amount earmarked by financial institutions by 28 per cent or RM4 million.
He said the NFP is also supported by access to data related to mule accounts from across the financial industry.
"I was made to understand that with the enhanced data and analysis, the detection rate of mule account holders has increased by 14 per cent.
"The protocol also coordinates the industry's approach in helping account holders who have fallen victim (to fraudulent syndicate), so that they are not denied basic financial services,” he said. - BERNAMA