The National Fraud Portal strengthens its efforts to combat fraud

Details about the coordinated anti-fraud actions

The National Fraud Portal (NFP) has simplified the management of scam reports and tracking of stolen funds by the National Scam Response Centre (NSRC) through an integrated platform that provides:

• Automated fund tracing and recovery: financial institutions can trace stolen funds throughout the financial system, preventing further transfers and helping the chances of fund recovery.

• Effective industry-wide information sharing and collaboration: facilitates the exchange of information and intelligence on fraud incidents among financial institutions.

• Data-driven mule assessments: NFP uses reliable data on mule accounts to improve the identification, evaluation, and monitoring of mules.

The financial sector has pledged to adopt industry-wide protocols for reporting and handling mule accounts in addition to NFP. These protocols aim to improve the quality of industry-wide mule account data by classifying mules and standardising the industry's approach to handling them. This guarantees that individuals affected by mule account activities can still access essential financial services.

BNM's strategy against financial fraud includes ensuring fair treatment for those affected by unauthorised online banking transactions. Financial institutions must improve their fraud investigation procedures with an emphasis on transparency and shared responsibility. The goal is to encourage banks to continuously raise fraud prevention and remind customers to stay vigilant against scams.

Representatives from the Minister of Finance accentuated the importance of ongoing collaboration and coordination among the financial sector and law enforcement agencies. Maintaining momentum and working together are important for securing a protected digital future, which is key to increasing the nation's standing and competitiveness as outlined in the Ekonomi MADANI framework.