National Fraud Portal expected to be ready by middle of next year

KUALA LUMPUR: Bank Negara Malaysia (BNM) is working closely with Payments Network Malaysia Sdn Bhd (PayNet) and the financial industry to set up the National Fraud Portal, which is expected to be ready by the middle of next year.

BNM deputy governor Datuk Marzunisham Omar said the portal aims to automate and enhance the ability to trace fund movements as well as identify money mules.

“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.

“We hope that by doing this, we will increase the likelihood of tracing and freezing the fund, and protect the victims from losses,” he said after a media workshop and panel discussion on financial scams at Lanai Kijang yesterday.

Marzunisham said the rapid evolution of technology offers many benefits to the financial industry and consumers alike, but it has also led to the rise of AI-powered scams.

“This is something that we have to guard against, we don’t want to underestimate the scammers as they would use various modus operandi to scam the people,” he said.

During the panel discussion session, BNM’s technology risk specialist, Ng Lee See, warned that globally, AI technology has been misused to digitally manipulate or generate fake visual and audio content of some well-known people.

It is important that the public be made aware of scammers’ tactics, and to always check investment scheme licences prior to making investments, she said.

The public can refer to the Securities Commission’s website to see the list of companies or individuals licensed to carry out financial planning or investment services, as well as BNM’s website to see the list of individuals or entities regulated by the central bank.

At the same time, to combat AIdriven digital crimes, Ng said, financial institutions must keep abreast with investment laws and cybersecurity operations.