NSRC receives over 122,000 calls, RM371 million lost to scams

KUALA LUMPUR - The National Scam Response Centre (NSRC) has received 122,603 calls, including fraud complaints and public advisory services, since it began operations on Oct 12, 2022 through to August 2024, according to the Ministry of Finance (MoF).

The MoF reported that these complaints have revealed total losses for victims amounting to RM371 million.

To strengthen banking security standards, the MoF noted that financial institutions implemented additional security measures starting in September 2022.

As a result, illegal and suspicious transactions totalling RM383 million were successfully blocked in 2023.

"Phishing and malware-related fraud cases reported to the NSRC have shown a downward trend,” the MoF said in a response to an unanswered oral question by Chong Chieng Jen (PH-Stampin) in the Dewan Rakyat earlier this week.

Chong’s question concerned statistics on losses suffered by bank account holders due to bank scams.

To further enhance internet and mobile banking security, the MoF explained that Bank Negara Malaysia (BNM) is updating its Electronic Know Your Customer (e-KYC) policy to strengthen identity verification and combat mule account crime.

Additionally, BNM has implemented a ‘kill switch’ mechanism, allowing users to freeze their accounts immediately if suspicious activity is detected.

Meanwhile, BNM and the financial industry have developed the National Anti-Fraud Portal, also known as the National Fraud Portal (NFP).

This platform, to be adopted in stages by industry participants, will enhance the NSRC’s ability to track funds.

With the NFP, the fund-tracking process has been automated, expediting the detection and freezing of fraudulently obtained funds.

The NFP is also designed to improve data-sharing efficiency within the industry through the use of richer, more extensive data and information. - BERNAMA