Bank Negara Malaysia (BNM) has stated that it is working with Payments Network Malaysia (PayNet) and the financial industry to set up the National Fraud Portal. Said portal will apparently be ready to go live by the middle of next year, with the aiming of combating fraud and scams running rampant throughout the country.
“BNM is working with the financial industry and PayNet to improve the National Scam Response Centre by automating the process of detecting and tracing the movement of funds stolen from financial scam victims,” said the bank’s deputy governor Marzunisham Omar. The automation will also enhance its ability to identify money mules.
He noted that while the rapid rise of AI provides many benefits to the financial industry, the technology has also been used as part of schemes to scam people. In terms of malware, BNM’s Technology Risk Specialist, Ng Lee See, said that the banking industry has done pretty well at detecting scams that use APK files, which has led to a decline in such cases.
Earlier this year, the Malaysian Communications and Multimedia Commission (MCMC) announced that it would be reviewing the current self-regulatory framework regarding how social media platforms handle fraudulent content. The commission has also worked with major telcos in the country to block URLs from SMS in order to reduce the risk of phishing.
(Source: Bernama)
