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Malaysia moves to crack down on online frauds

Two Malaysia commissions made commitment to intensifying efforts against fraudulent schemes exploiting digital platforms, including the use of artificial intelligence and emerging technologies to enhance detection, investigation and enforcement.

Hanoi (VNA) – The Securities Commission Malaysia (SC) and the Malaysian Communications and Multimedia Commission (MCMC) on April 3 signed a memorandum of understanding (MoU) to strengthen cooperation in combating online scams and unlicensed investment schemes.

The MoU underscores a mutual commitment to intensify efforts against fraudulent schemes exploiting digital platforms, including the use of artificial intelligence and emerging technologies to enhance detection, investigation and enforcement.

This MoU is a key step in protecting retail investors and the wider public from scams, SC Chairman Dato' Mohammad Faiz Azmi said, noting that combined expertise will enable faster responses to emerging threats and improved safeguards against financial fraud.

The MCMC, meanwhile, highlighted the importance of operational collaboration to maintain a safer digital environment, including intelligence sharing, development of standard operating procedures, and coordinated capacity building for investigations.

In 2024 and 2025, the SC and the MCMC successfully blocked or suspended 328 websites, 388 messaging accounts, and 60 phone numbers linked to scams./.

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