Bank Negara Malaysia, in collaboration with PayNet and financial institutions, launched the National Fraud Platform to enhance scam prevention and recovery efforts by the National Scam Response Centre. The platform automates fraud management, promotes industry-wide collaboration, and supports BNM’s broader anti-scam strategies.
21 August 2024 – Bank Negara Malaysia (BNM), in collaboration with Payments Network Malaysia Sdn. Bhd. (PayNet) and various financial institutions, has launched the National Fraud Platform (NFP) to enhance the operational capabilities of the National Scam Response Centre (NSRC). The launch event, held at Sasana Kijang, Kuala Lumpur, was officiated by Minister of Finance II, YB Senator Datuk Seri Amir Hamzah Azizan.
The NFP is designed to automate the entire process of managing scam reports and tracing stolen funds, thereby empowering the NSRC with a more efficient and integrated system. Key features of the platform include:
- Automated Fund Tracing and Recovery: The NFP enables financial institutions to rapidly track stolen funds across the financial system, preventing further transfers and increasing the likelihood of recovery.
- Industry-Wide Information Sharing: The platform facilitates effective collaboration and intelligence sharing among financial institutions, enhancing the collective response to fraud incidents.
- Data-Driven Mule Assessments: Supported by reliable data, the NFP improves the identification, assessment, and monitoring of mule accounts involved in fraudulent activities.
Additionally, the financial industry has agreed to implement standardized procedures for reporting and managing mule accounts. These procedures will improve the quality of industry-wide data and ensure that account holders impacted by mule activities can continue accessing essential financial services.
These initiatives complement BNM’s broader strategy to combat financial scams, which includes a recent directive requiring financial institutions to ensure fair treatment of victims of unauthorized online banking transactions. This policy emphasizes robust fraud investigations, transparency, and joint accountability, balancing the responsibility between financial institutions and customers.
Minister of Finance II, YB Senator Datuk Seri Amir Hamzah Azizan, emphasized the importance of continued cooperation within the financial sector and law enforcement agencies to secure a safe digital future, aligning with the nation’s Ekonomi MADANI framework.
BNM Governor Dato’ Seri Abdul Rasheed Ghaffour highlighted that the NFP equips the NSRC with an automated end-to-end process, from managing fraud reports to alerting financial institutions for prompt action.
The public is encouraged to stay vigilant against financial scams and stay informed through the Amaran Scam Facebook page and the #JanganKenaScam website. Victims of scams should immediately contact their financial institutions or the NSRC at 997.
In a related event, YB Senator Datuk Seri Amir Hamzah Azizan also inaugurated the ‘Batik: Melirik Larik’ art exhibition at the Bank Negara Malaysia Museum and Art Gallery, which will be open to the public until 30 September 2024.
