KUALA LUMPUR, Oct 7 — Finance Minister Datuk Seri Tengku Zafrul Abdul Aziz said a new agency — the National Scam Response Centre (NSRC) — will begin operations this month to curb the rise in online fraud in the country.

Tengku Zafrul, while unveiling the Budget 2023 this evening, said the agency will be jointly managed by the Royal Malaysia Police (PDRM), Bank Negara Malaysia (BNM), the Malaysian Communications and Multimedia Commission (MCMC) and the National Anti-Financial Crime Centre (NFCC) in cooperation with various established financial institutions.

"Daily online scam has become a serious global issue and Malaysia is no exception. Thus, immediate steps are needed to be taken to curb them.

"NSRC will act against any reports lodged by blocking bank accounts and take any enforcement action against criminals that have been identified,” he said at the Dewan Rakyat.

As for internet banking security, Tengku Zafrul also announced that the government will be taking steps to halt the use of SMS One Time Passwords (OTP) for high-risk online transactions.

Tengku Zafrul also said the government will be providing a new platform for the public to report any bank accounts or phone numbers suspected of being misused by online scammers.

"Efforts to intensify financial and digital literacy will also be conducted to alleviate the risks of being a scam victim,” he said.

Separately, Tengku Zafrul also announced a RM73 million allocation to strengthen CyberSecurity Malaysia for the purpose of improving monitoring, tracking and reporting of cyber threats throughout the country.