Bank Negara Malaysia (BNM) governor Abdul Rasheed Ghaffour said one of the NFP’s main characteristics is its modular design which allows for continuous improvements to be made to the existing basic infrastructure.

He said that although data shows the overall losses borne by financial fraud victims are relatively small given the total domestic financial transactions, Malaysia cannot be complacent but must instead be more vigilant in identifying and overcoming the threats to safeguard the confidence in the national financial system.

Rasheed said cyber criminals will exploit technology continuously to expand their tactics.

“Our journey in fighting fraud is long and winding.

“In taking steps forward, I want to emphasise three main themes towards our efforts to combat financial fraud,” he said in his speech during the launch of the NFP.

The themes are optimising technology, nurturing collaboration and empowering consumers.