The Securities Commission Malaysia (SC) and the Malaysian Communications and Multimedia Commission (MCMC) are strengthening cooperation to tackle the rise in online scams and unlicensed activities.
The decision follows a recent high-level meeting aimed at improving investor and consumer protection through enhanced regulatory oversight.
Advancements in technology have fueled a surge in online scams.
In 2024, the SC received 4,859 complaints and inquiries related to scams and unlicensed activities.
With MCMC’s assistance, online service providers removed 66,507 scam-related content last year, with an additional 19,200 pieces taken down between January 1 and February 26, 2025.
The collaboration focuses on stricter enforcement, scam prevention, and the use of artificial intelligence to improve detection.
Both regulators will work closely with service providers and stakeholders to expedite scam takedowns and enhance public awareness efforts, building on the Communications Ministry’s Online Safety Campaign.
SC Chairman Dato’ Mohammad Faiz Azmi said evolving scam tactics require better coordination with MCMC to strengthen detection, prevention, and enforcement.
MCMC Chairman Tan Sri Mohamad Salim bin Fateh Din emphasized the role of multi-agency collaboration, information sharing, and strategic policy development in strengthening online safety.
SC and MCMC will also explore ways to streamline coordination for faster responses to scams, fraudulent investment schemes, and financial cybercrimes.
Featured image credit: Edited from Freepik
