KUALA LUMPUR, August 20 – Bank Negara Malaysia (BNM), Payments Network Malaysia Sdn Bhd (PayNet) and several financial institutions today officially launched the National Fraud Portal (NFP).
This integrated platform is designed to strengthen the operational capabilities of the National Scam Response Centre (NSRC) in the fight against online financial fraud.
According to BNM, the NFP will improve the speed and effectiveness of tracing stolen funds from fraud victims.
It will also promote industry-wide information sharing and collaboration, allowing financial institutions to share details and information on online fraud cases involving mule accounts.
BNM stated that the integrated platform facilitates the automatic tracing and recovery of funds and enables financial institutions to quickly track stolen funds throughout the financial system through automated processes.
This can prevent further transfers and improve the chances of getting the funds refunded.
In addition, financial institutions can share information and intelligence on fraud cases more effectively.
“NFP is supported by credible mule account data that will enable better identification, assessment and monitoring of mules. Along with NFP, the financial industry has also agreed to implement industry-wide procedures for reporting and handling mule accounts. These procedures will improve the quality of industry-wide mule account data through streamlined mule classification,” BNM said.
The NFP will also standardise the industry’s approach to dealing with mule accounts and ensure 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 fraud, which includes a recently adopted directive requiring financial institutions to ensure that victims of unauthorised online banking transactions are treated fairly.
“Among other things, the BNM requires financial institutions to ensure robust fraud investigation procedures with enhanced transparency and disclosure obligations. The directive also highlights the need for shared responsibility in cases where evidence points to failures on the part of the financial institution and also negligence on the part of the victim.
“With this approach, we want to ensure that banks continuously improve their anti-fraud measures, while reminding customers to remain vigilant and protect themselves from fraud,” BNM said.
