KUALA LUMPUR, Aug 20 — Bank Negara Malaysia (BNM), Payments Network Malaysia Sdn Bhd (PayNet), and several financial institutions officially launched the National Fraud Portal (NFP) today.
This integrated platform aims to bolster the operational capabilities of the National Scam Response Centre (NSRC) in combating online financial scams.
According to BNM, the NFP will enhance both the speed and effectiveness of tracing stolen funds from fraud victims.
It will also promote industry-wide information sharing and collaboration, enabling financial institutions to exchange details and intelligence regarding online fraud incidents, which also involves mule accounts.
BNM stated that the integrated platform facilitates automated fund tracing and recovery, allowing financial institutions to quickly track stolen funds across the entire financial system through automated processes.
This will help prevent further transfers and improve the chances of recovering the funds.
Furthermore, financial institutions will be able to share information and intelligence on fraud incidents more effectively.
“NFP is supported by credible data on mule accounts that will facilitate better identification, assessment and monitoring of mules. Along with the NFP, the financial industry has also agreed to adopt industry-wide procedures for reporting and handling mule accounts. These procedures enhance the quality of industry-wide mule account data through streamlined mule classification,” BNM said.
The NFP will also standardise the industry’s approach to handling mule accounts, ensuring that account holders affected by such activities continue to have access to essential financial services.
BNM noted that these measures complement its broader strategy to combat financial scams, which includes a recent directive requiring financial institutions to ensure that victims of unauthorised online banking transactions are treated fairly.
“Among others, BNM requires financial institutions to ensure robust fraud investigation processes with enhanced transparency and disclosure obligations. The policy also underscores the need for joint accountability in cases where evidence points to lapses on the part of the financial institution and also negligence on the part of the victim.
“This approach balances the need to ensure banks continuously enhance their fraud control measures while also reminding customers to remain vigilant in protecting themselves from scams,” BNM said.
