• Industry-wide procedures for the reporting and handling of mule accounts will streamline the identification of mules and the redressal of mule victims

Bank Negara Malaysia (BNM), Payments Network Malaysia Sdn. Bhd. (PayNet), and financial institutions have launched the NFP as an integrated platform to strengthen the operational capabilities of the National Scam Response Centre (NSRC). Minister of Finance II YB Senator Datuk Seri Amir Hamzah Azizan presided over the launch held at Sasana Kijang, Kuala Lumpur today.

NFP automates the end-to-end process of handling scam reports and tracing of stolen funds by the NSRC. The integrated platform allows:

  1. Automated fund tracing and recovery – financial institutions can swiftly track stolen funds across the entire financial system through automated tracing. It prevents further transfers and increases the prospect of fund recovery.
  2. Effective industry-wide information sharing and collaboration – for financial institutions to share information and intelligence on fraud incidences.
  3. Data-driven mule assessments – NFP is supported by credible data on mule accounts that will facilitate better identification, assessment and monitoring of mules.

Along with the NFP, the financial industry has also agreed to adopt industry-wide procedures for reporting and handling mule accounts. These procedures enhance the quality of industry-wide mule account data through streamlined mule classification. It also standardises the industry's approach towards treating mules to ensure account holders affected by mule account activities can continue to access basic financial services.

These measures complement BNM’s multi-pronged approach to combat financial scams. This includes BNM’s recent directive to financial institutions to ensure victims of unauthorised online banking transactions are treated fairly. Among others, BNM requires financial institutions to ensure robust fraud investigation processes with enhanced transparency and disclosure obligations. The policy also underscores the need for joint accountability in cases where evidence points to lapses on the part of the financial institution and also negligence on the part of the victim. This approach balances the need to ensure banks continuously enhance their fraud control measures while also reminding customers to remain vigilant in protecting themselves from scams.

Minister of Finance II YB Senator Datuk Seri Amir Hamzah Azizan said, “The collective effort, dedication, and cooperation across the financial sector and law enforcement agencies must continue, and build on the momentum achieved thus far. Ensuring a secure and safeguarded digital future is crucial in elevating our nation’s status and competitiveness as envisioned under the Ekonomi MADANI framework.”

Bank Negara Malaysia Governor Dato’ Seri Abdul Rasheed Ghaffour said, “With the NFP, the NSRC operations is now equipped with an end-to-end automated process from managing fraud reports, validating and tracing stolen funds, to sharing alerts among financial institutions to trigger prompt action.”

Members of the public are urged to be vigilant at all times and follow the Amaran Scam Facebook page (facebook.com/amaranpenipuan) or the #JanganKenaScam website (jangankenascam.com) for the latest updates on financial scams. Those who have fallen victim to a scam should immediately contact their financial institutions or the NSRC at 997.

In conjunction with the National Month celebration, YB Senator Datuk Seri Amir Hamzah Azizan also launched the art exhibition ‘Batik: Melirik Larik’ at the Museum and Art Gallery Bank Negara Malaysia. The exhibition, which is open to public, will run from now until 30 September 2024.

Bank Negara Malaysia
Payments Network Malaysia Sdn. Bhd.
The Association of Banks in Malaysia (ABM)
The Association of Islamic Banking and Financial Institutions Malaysia (AIBIM)
The Association of Development Finance Institutions Malaysia (ADFIM)