Prime Minister Anwar Ibrahim said the proposed amendments include making telecommunications companies among the entities responsible for combating such crimes.

He said Bank Negara is helping coordinate the review of the proposals.

The phone companies had been informed about the proposals “because social media platforms are a major avenue for financial scams and other related issues”, he said.

“So this is being carefully monitored. However, our concern is the reaction that the proposed amendments might appear too stringent. But we need to evaluate this.”

Anwar made the announcement at a forum on technology in financial services here tonight.

At the forum, Maybank Group chief executive Khairussaleh Ramli urged that phone companies be made accountable for online scam crimes, rather than placing the burden solely on banks.

“All these transactions go through telephone lines, (so) we need telcos to also take responsibility. In Singapore, for example, they regulate (this) and even included the telcos to be a party to be responsible,” he said.

He was responding to a participant’s question about the rising prevalence of online scams in Malaysia, which predominantly affect ordinary citizens and have resulted in losses exceeding RM1 billion.