The Association of Banks in Malaysia (ABM) announced that over the last couple of years there was an increase in the number of scams and they successfully foiled almost RM800 million worth of suspicious and fraudulent transactions.

This interception by banks was done between the years 2023 and 2024 and highlights the banking sector’s commitment to safeguard customer funds through proactive intervention and close cooperation with law enforcement agencies.

ABM stated that the collaborative efforts with law enforcement agencies include working with the National Anti-Financial Crime Centre, National Scam Response Centre, the Malaysian Communications and Multimedia Commission and PDRM.

According to ABM, through real-time information sharing, joint investigations and co-ordinated responses, banks worked closely with these agencies to detect and prevent fraudulent and suspicious transaction activities.

Other initiatives undertaken by ABM include the implementation of malware shielding technology on mobile banking apps and round-the-clock dedicated complaint channels for customers to report suspicious activity or fraud.

ABM also disclosed the launch of the National Fraud Portal last year, which involves Bank Negara Malaysia, Payments Network Malaysia Sdn Bhd or PayNet and all financial institutions operating in the country.

-THE MALAYSIA VOICE