Malaysia’s National Fraud Portal (NFP) has significantly reduced the time required to trace stolen funds by 75%, bringing the process down to just 30 minutes, according to the country’s Deputy Finance Minister Lim Hui Ying.
Since its launch in April 2024, the NFP has also contributed to a 28% increase in the amount of frozen funds, highlighting its effectiveness in combating financial fraud, state news agency Bernama reported.
Speaking during a question-and-answer session in the Dewan Rakyat, Lim noted that the introduction of the NFP has enhanced the ability of financial institutions to identify mule accounts by 14%.
These improvements are a direct result of the automated systems now in place at the National Scam Response Centre (NSRC), which manages fraud reports, verifies and traces stolen funds, and facilitates early warning systems for financial institutions, enabling them to act swiftly in fraud cases.
“The NFP’s implementation has been supported by industry-developed mule account handling procedures, which further strengthen the system’s capability to detect and address fraudulent accounts,” Lim explained.
The automation introduced through the NFP ensures that the NSRC operates more efficiently in managing scam reports and sharing critical information with financial institutions, contributing to faster response times and more proactive fraud prevention.
In response to a question from Chiew Choon Man (PH-Miri) about measures taken by Bank Negara Malaysia (BNM) to bolster financial security against fraud, Lim emphasized that both BNM and financial institutions remain committed to strengthening the security framework for financial services.
Since September 2022, control measures have successfully blocked unauthorised and suspicious transactions amounting to RM383 million in 2023.
Additionally, Lim noted that the number of phishing and malware-related fraud cases reported to the NSRC has shown a decline, indicating the positive impact of enhanced security protocols.
She urged victims of financial fraud to report incidents promptly to the NSRC by calling 997, allowing financial institutions to respond quickly and take necessary actions to minimize losses.
The development underscores the Malaysian government’s ongoing efforts to combat financial fraud and ensure a safer financial system for all users.