Between January and October 2024, Malaysia has lost over RM1.22 billion to cybercrime, as revealed by Prime Minister Datuk Seri Anwar Ibrahim.
These crimes include online fraud, love scams, e-commerce fraud, fake loans and fraudulent schemes.
Such frauds not only cost the country financially but also expose individuals to mental and emotional stress.
The Semak Mule portal, a tool launched by the police to combat fraud, has played a key role in detecting suspicious activities.
By October 31, it had registered 181,628 phone numbers, 222,092 bank account numbers and 1,395 company names linked to online fraud.
The tool empowers the public to identify potential fraud before becoming a victim.
In response to the growing threat, the government is enhancing the legal framework including plans to amend Section 233 of the Communications and Multimedia Act 1998 and the drafting of the Online Security Bill.
Furthermore, the Criminal Procedure Code (Amendment) Act 2024, coupled with the Moneylenders Act 1951, are under review to address weaknesses.
Banks are also held liable if found negligent, they must reimburse victims of fraud.
To date, RM178,407 has been returned to affected individuals. These measures reflect a comprehensive strategy to curb cybercrime and protect Malaysians.
