Fraud Prevention in Malaysia: National Fraud Portal (NFP) Achieves Notable Success
Significant Reduction in Tracing Funds and Increased Efficiency
Kuala Lumpur: The National Fraud Portal (NFP) has made significant strides in reducing the time required to trace funds by 75% to just 30 minutes and increasing the amount of frozen funds by 28% since its launch in April 2024. According to Deputy Finance Minister Lim Hui Ying, this achievement is a direct result of the NFP’s automation capabilities.
Enhanced Capabilities for Financial Institutions
The NFP has also enabled financial institutions to identify mule accounts with an increased capability of 14% since its implementation. "Through the NFP, the operations of the National Scam Response Centre (NSRC) are now equipped with comprehensive automation capabilities to manage fraud reports, verify and trace stolen funds, and enable early warning sharing among financial institutions, so that swift action can be taken," said Lim.
Mule Account Handling Procedures
The NFP is supported by mule account handling procedures developed by the industry to enhance the ability to identify such accounts. This collaborative effort has strengthened the security of financial services, enabling swift action to be taken against fraudulent activities.
Measures Against Fraud
Deputy Finance Minister Lim mentioned that Bank Negara Malaysia (BNM) and financial institutions are committed to strengthening the security of financial services to address the growing threat of fraud. Since September 2022, control measures have been implemented, resulting in a positive impact. In 2023, financial institutions blocked unauthorised and suspicious transactions worth RM383 million, and the trend of phishing and malware fraud cases reported to the NSRC has shown a decline.
Importance of Reporting Fraud
Lim emphasized the importance of financial fraud victims reporting the crime as soon as possible by contacting the NSRC at 997, allowing financial institutions to take swift action.
FAQs
- What is the National Fraud Portal (NFP)?
The NFP is an initiative aimed at reducing the time required to trace funds and increasing the amount of frozen funds. - What are the benefits of the NFP?
The NFP has reduced the time required to trace funds by 75% to just 30 minutes, and increased the amount of frozen funds by 28%. It has also enabled financial institutions to identify mule accounts with a 14% increased capability. - What is the role of the National Scam Response Centre (NSRC)?
The NSRC is responsible for managing fraud reports, verifying and tracing stolen funds, and enabling early warning sharing among financial institutions.