KUALA LUMPUR (Dec 3): Malaysia recorded over RM1.22 billion in losses from cybercrime from January to October 2024, according to Prime Minister Datuk Seri Anwar Ibrahim.

The types of cybercrime included e-finance fraud, love scams, e-commerce fraud, non-existent loans, and fraudulent schemes.

“This was also the result of actions taken, including arrests and seizures, against unlicensed moneylender syndicates, commonly known as 'Ah Long', who offer quick loans but charge exorbitant interest rates,” Anwar said during the prime ministerial question session in the lower house of Parliament on Tuesday.

Anwar added that the Semak Mule portal — established by the police, which enables the public to check if a bank account or phone number belongs to a scammer — had recorded 181,628 phone numbers, 222,092 bank account numbers, and 1,395 company names involved in online criminal fraud as of Oct 31.

To address these issues, the government plans to amend Section 233 of the Communications and Multimedia Act 1998, and draft an Online Security Bill to enhance measures against online fraud.

In addition, the Criminal Procedure Code (Amendment) Act 2024, gazetted at the end of October, will undergo further review by the Malaysian Communications and Multimedia Commission. Its coordination, linked to the Moneylenders Act 1951, is being overseen by a committee led by the secretary general of the Treasury, Anwar noted.

Meanwhile, Anwar said that banks must reimburse victims of scams if negligence on the part of the banking institutions is identified.

This is in accordance with Section 413 of the Criminal Procedure Code, and a total of RM178,407 had been returned by the bank to date, Anwar noted.

According to him, the government will also review current laws to make banks more accountable if it is found that they have been negligent in monitoring and ensuring compliance with regulations.

For more Parliament stories, click here.