Malaysia is losing the battle against online scammers, with losses soaring to 1 billion ringgit (US$221.6 million) last year. Now, the government is racing to close loopholes in outdated laws, looking to Singapore’s hard-hitting anti-scam measures as a lifeline.
A proposal to tighten regulations on telecommunications companies, which are seen as critical in curbing fraudulent activity, has sparked wide-ranging support from law enforcement, banking executives and policymakers.
“It is high time for new laws to be put in place and outdated legislation to be amended,” said Ramli Mohamed Yoosuf, director of the Royal Malaysia Police’s Commercial Crime Investigation Department, in a call for action on Monday.
Ramli’s department is at the frontline of combating scams, which have wreaked havoc across Malaysia, with losses estimated at 1 billion ringgit in 2024, according to the New Straits Times.
“Law enforcement efforts must remain on a par with the evolving criminal landscape,” Ramli said, highlighting the urgency of modernising Malaysia’s anti-scam framework.
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‘It’s scary’: Asian cryptocurrency scams bilk tens of thousands of ‘brainwashed’ victims
‘It’s scary’: Asian cryptocurrency scams bilk tens of thousands of ‘brainwashed’ victims
The push for reform gained momentum after Prime Minister Anwar Ibrahim revealed last Friday that Bank Negara Malaysia, the country’s central bank, had opened discussions with telecommunications companies to bolster anti-scam safeguards.