Malaysia ranks second globally in QR payment adoption, and Bank Negara’s governor says the same drive behind digital progress must now go into fighting scams and financial crimes.
Speaking at the 15th International Conference on Financial Crime and Terrorism Financing (IFCTF), Datuk Abdul Rasheed Ghaffour said Malaysia’s digital shift has transformed daily transactions, with DuitNow now part of everyday life.
But he warned that the same technologies enabling convenience are also being misused for AI-generated impersonation, propaganda and cyberattacks.
His remarks followed the Financial Action Task Force (FATF) Mutual Evaluation 2025, which reviewed Malaysia’s anti-money laundering and counter-terrorism financing regime.
He said the country’s stronger legal framework and financial intelligence reflect years of public and private sector cooperation.
In the first quarter of 2025, police recorded 12,110 online fraud cases involving RM573.7 million in losses.
Abdul Rasheed said banks must share information faster and work together to curb scams.
He noted that in 95 percent of cases, victims transfer funds themselves, making consumer education the first line of defence.
National Fraud Portal Drives Malaysia’s Fight Against Scams
He cited the National Scam Response Centre (NSRC) as an example of effective coordination.
Since its 2022 launch, the centre has handled 263,683 calls, seizing RM12.91 million and returning nearly RM2 million to victims.
The National Fraud Portal, launched in August 2024 by Bank Negara Malaysia, PayNet and local banks, helps trace and block fraudulent transfers.
It prevented RM369 million in scams between January and June 2025 and is on track to surpass the RM399 million blocked in 2024.
The system is being upgraded to speed fund tracing, expand data integration and apply predictive analytics to detect mule accounts.
Abdul Rasheed said technology must advance with ethics and accountability.
“No algorithm can replace the judgment, integrity and accountability expected of the financial industry,”
he said, adding that the Fair Treatment of Financial Consumers principles of fairness, transparency and due care should guide its use.
He said unethical employees must be penalised and praised frontline staff for helping detect suspicious transactions.
Abdul Rasheed urged the industry to uphold collaboration, creativity and conduct to strengthen trust in Malaysia’s financial system.
Featured image: Edited by Fintech News Malaysia, based on image by FestArt via Freepik
