Nearly 15,000 online scams reported
KUALA LUMPUR: Police recorded 14,627 online scams with economic losses amounting to RM1.6 billion last year.
Deputy Home Minister Datuk Nur Jazlan Mohamad said this is evident of criminals exploiting the speed, convenience and anonymity on the internet to commit a diverse range of criminal activities.
“The future of technology is uncertain. What is new today will be superseded by the next generation of connectivity tomorrow. What is certain however is to manage the corresponding risks before they become an epidemic,” he said at the 8th Annual International Conference on Financial Crime and Terrorism Financing held at Majestic Hotel here yesterday.
He said deeper intelligence cooperation, stronger domestic and regional frameworks, and better understanding of high-risk terrorism financing channels are needed to combat the risk.
He added that Malaysia’s continuous effort to improve its anti-money laundering and counter-terrorist financing initiatives has also paved the way for its membership into the international Financial Action Task Force (FATF), which aims to identify the compliance risks faced by the industry that are emerging due to financial crimes and terrorism financing. – by Aiezat Fadzell