The National Fraud Portal (NFP) has significantly reduced the time required to trace stolen funds, slashing it by 75% to just 30 minutes, as shared by Deputy Finance Minister Lim Hui Ying.
Since its launch in April 2024, the portal has also contributed to a 28% rise in the amount of frozen illicit funds, according to a report by The Sun.
Developed through a partnership between Bank Negara Malaysia (BNM) and PayNet, the NFP was launched in August as part of efforts to tackle the increasing threat of financial fraud in the country.
The system enables financial institutions and the National Scam Response Centre (NSRC) to rapidly identify, trace, and freeze suspicious transactions.
Since its introduction, the NFP has also improved the detection of mule accounts by 14%, thanks to enhanced automation and real-time data sharing among financial institutions.
Additionally, the platform has expanded its reach with the inclusion of TNG eWallet, a major e-wallet provider in Malaysia, further bolstering fraud detection and prevention efforts.
Speaking in the Dewan Rakyat, Lim highlighted these advancements while addressing questions about the measures taken by BNM to combat fraud, particularly in relation to third-party device attacks.
She emphasized that both BNM and financial institutions remain focused on strengthening financial security, having already blocked RM383 million worth of unauthorized transactions in 2023.
Lim also noted that phishing and malware fraud cases reported to the NSRC have shown a downward trend.
She urged victims of financial fraud to act swiftly by contacting the NSRC at the 997 hotline, enabling financial institutions to respond quickly and mitigate further damage. – FINTECH NEWS MALAYSIA
