Countering Financial Fraud: Bank Negara’s National Fraud Portal On Track For 2024 Launch

The portal aims to automate and enhance the ability to detect and trace the movement of funds stolen from financial scam victims.
(credit: Yusof Mat Isa / Malay Mail)

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Bank Negara Malaysia (BNM), in collaboration with Payments Network Malaysia Sdn Bhd (PayNet) and the financial industry, is working on the development of the National Fraud Portal.

This portal is expected to be operational by the middle of the next year. The primary goal of the portal is to automate and enhance the ability to track fund movements and identify money mules involved in financial scams, according to The Star.

BNM’s deputy governor, Datuk Marzunisham Omar, emphasised the importance of automating the process of detecting and tracing the movement of funds stolen in financial scams.

This initiative aims to increase the likelihood of tracing and freezing the stolen funds, ultimately protecting victims from losses.

Marzunisham also highlighted the risks posed by artificial intelligence (AI)-powered scams, which have become more prevalent due to technological advancements. He emphasised the need to remain vigilant and not underestimate scammers who employ various tactics.

During a panel discussion, BNM’s Technology Risk Specialist, Ng Lee See, cautioned against the misuse of AI technology globally to create convincing fake visual and audio content, often used to deceive victims into believing in fraudulent investment schemes.

She stressed the importance of public awareness of scam tactics and advised individuals to verify investment scheme licenses before investing. Information on licensed companies and individuals can be found on the Securities Commission’s and BNM’s respective websites.

To combat AI-driven digital crimes, Ng urged financial institutions to stay updated on investment laws and cybersecurity measures. She also stressed the importance of the banking industry supporting government efforts to enhance telecommunication infrastructure security.

While financial institutions have made progress in detecting scams using technology like the Android Package Kit (APK), Ng noted that scammers are constantly evolving their tactics, making scams more sophisticated and complex.

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