He said the NFP would strengthen the national scam response centre (NSRC)’s enforcement and fraud detection capabilities, adding that the NSRC had handled more than 41,000 cases since its launch in 2022.
“The NFP facilitates end-to-end automation capabilities to manage fraud reports, validate and verify incidents, and track stolen funds. It also enables sharing public alerts with financial institutions, allowing for a quick response.
“NFP utilises shared infrastructure to provide authoritative payment data, facilitating the tracking and analysis of funds,” Amir said at the launch here.
He added that artificial intelligence was being deployed to detect suspicious transactions through predictive analysis.
Bank Negara Malaysia (BNM) assistant governor Norhana Endut said it was important that victims reported fraud as soon as they became aware of it.
“If you experience fraud, just call 997 or your bank, and this will trigger the NFP behind the scenes,” Norhana said, adding that the portal would track and generate fund flow details from each account involved in the fraud, sending the information to financial institutions for further action.
Financial institutions will then review transactions internally, execute investigation orders from law enforcement agencies and assess potential mule accounts.
BNM deputy governor Marzunisham Omar, meanwhile, said money could move between accounts within seconds, making it crucial for fraud victims to report incidents quickly.
“The important thing is that the victim must call the number quickly. If they don’t, the money will be moved and withdrawn from the account, and nothing can be done after that.”
The NFP also aims to standardise the financial industry’s approach to listing, delisting and redressing the problem of mule account holders.
Additionally, it will provide enhanced analysis and detection of trends and common mule schemes, ensuring fair treatment for mule victims.
If victims disagree with a bank’s decision or compensation offer, they have the right to submit a dispute to the ombudsman for financial services.
In March, deputy home minister Shamsul Anuar Nasarah reported to the Dewan Negara that almost 34,500 online scams were reported in 2023, costing victims RM1.22 billion.