MCMC chairman Salim Fateh Din said the “escalating abuse” of online platforms, telecommunications networks or online facilities for scams and malicious cyber activities will not be tolerated anymore.

Citing the National Scam Response Centre (NSRC), Salim said it had received 11,858 scam complaints this year as of April 2023, with the police’s commercial crime division reporting losses of RM1.2 billion between 2021 and April 2023.

“Some applications and social media platforms have not been effective at self-regulating the use of their platforms in line with Malaysia’s laws and national interests.

“Therefore, stricter regulatory oversight and intervention by the regulator are needed to protect public interest and users,” he said in a statement.

He added that MCMC will be reviewing its regulatory approach to enable “a higher degree of oversight” through the current legal instruments.

“This may include a review of the exemptions on certain activities, as well as imposing criminal sanctions and punitive orders against entities that wilfully refuse to take immediate steps to ensure that criminal activities occurring on their network or platform are stopped,” he said.

He added that industry peers and regulators in Singapore, Vietnam and Indonesia have, or are in the process of, enacting laws to regulate and criminalise fraudsters on such platforms and to hold accountable those platforms that fail to follow the government’s directives.

Together with the police, Bank Negara Malaysia and the National Anti-Financial Crime Centre, Salim said MCMC will continue to combat such fraud issues and take stern action against any offenders.

He said such action is crucial in ensuring that people are protected and have a safe environment in the digital realm.

“(This) will (also) ensure greater accountability and respect for national sovereignty,” he said.