SHAH ALAM, July 15 — RM5.37 billion in losses was reported due to various online scams between 2024 and May this year, with fake investment schemes accounting for nearly half the overall losses, said the Home Ministry (KDN).
It explained that fake investment scams recorded the highest losses at RM2.68 billion, or 49.9 per cent of the total, followed by telecommunications scams at RM1.54 billion (28.7 per cent) and e-financial crimes at RM660.64 million (12.3 per cent).
“E-commerce scams recorded losses of RM250.81 million followed by fake loan scams at RM138.92 million and love scams at RM111.08 million,” the ministry said in a written parliamentary reply published yesterday.
KDN was responding to Chong Chieng Jen (Harapan-Stampin) who wanted to know the total losses of victims of online scams for the years 2024, 2025 and 2026, as well as the government’s measures to prevent such cases.
It added that fake investment schemes, telecommunications scams and e-financial crimes together accounted for more than 90 per cent of all losses, at RM4.88 billion.
“The government has strengthened the role of the National Scam Response Centre (NSRC) as a one-stop coordination centre, bringing together the Royal Malaysia Police (PDRM), Bank Negara Malaysia, the Malaysian Communications and Multimedia Commission (MCMC), and financial institutions to enable swift action against online fraud.
“Through the NSRC 997 hotline, authorities are able to block the movement of victims’ funds during the critical window to prevent money from being transferred out of the local banking system.
“Legal enforcement has also been strengthened through the implementation of Sections 424A to 424D of the Penal Code, which provide for heavier penalties for online fraud offences,” it said.
The ministry added that the government has expanded strategic cooperation between the police, financial institutions, telecommunications companies, and domestic and international enforcement agencies through intelligence sharing, joint operations and technical support.
“These efforts are aimed at enhancing the country’s capabilities in preventing, detecting, investigating and prosecuting online scam syndicates.
“The government remains firmly committed to combating online fraud to safeguard the people’s safety, interests and financial well-being,” KDN said.
