Bank Negara Malaysia (BNM), Payments Network Malaysia (PayNet), and other financial institutions have launched the National Fraud Portal (NFP).
The portal is designed to improve collaboration among financial institutions and support data-driven evaluations of mule accounts, introducing standardised procedures for managing them.
As an integrated platform, the NFP automates the end-to-end process of handling scam reports and tracing stolen funds, boosting the operational capabilities of the National Scam Response Centre (NSRC).
The platform enables financial institutions to swiftly track and recover stolen funds through automated tracing across the financial system.
It also promotes effective industry-wide information sharing and collaboration on fraud incidents.
In addition to enhancing collaboration, the NFP is backed by credible data on mule accounts, facilitating better identification, assessment, and monitoring.
Financial institutions have also adopted industry-wide procedures for reporting and handling mule accounts, ensuring a standardised approach that maintains access to basic financial services for account holders affected by mule activities.
These measures complement BNM’s broader strategy to combat financial scams, which includes a directive to ensure fair treatment for victims of unauthorised online banking transactions.
BNM’s policy emphasizes robust fraud investigations, transparency, and joint accountability between financial institutions and customers.
The launch was officiated by Finance Minister II, Datuk Seri Amir Hamzah Azizan, who highlighted the importance of continued cooperation across the financial sector and law enforcement agencies to secure Malaysia’s digital future, aligning with the Ekonomi MADANI framework.
Bank Negara Malaysia’s Governor Dato’ Seri Abdul Rasheed Ghaffour said,
“With the NFP, the NSRC operations is now equipped with an end-to-end automated process from managing fraud reports, validating and tracing stolen funds, to sharing alerts among financial institutions to trigger prompt action.”
Farhan Ahmad, Group CEO of PayNet, said,
“By leveraging our infrastructure and fostering deeper industry collaboration, we are bolstering the resilience of Malaysia’s digital payment ecosystem and ensuring that every financial institution is equipped with the tools and coordination necessary to safeguard the public from evolving financial threats.”
Featured image credit: Edited from Freepik
