Banks, authorities almost 'mandul' in curbing online fraud, says PKR's Fahmi

23 Sep 2022 10:37pm
PKR's Fahmi Fadzil at Sinar Daily talk show titled Data & Security: Are We Safe?
PKR's Fahmi Fadzil at Sinar Daily talk show titled Data & Security: Are We Safe?
SHAH ALAM - PKR MP Fahmi Fadzil has called the authorities and banks "almost mandul" (barren) and incapable of solving the increasing online financial scams in the country.

He was relating to a story where his mum had lost RM75,000 from her Tabung Haji savings in 15 minutes. He claimed the money was then transferred to Bank Islam, Hong Leong Bank before it vanished to an unknown source.

"I had a meeting with Bank Negara a couple of Fridays ago. Something I have said publicly as well, banks have to change their risk rules, and the way they operate.

"If an account holder does not normally do this kind of transaction and in such volume, flag it, call the person out, stop the money from going out.

"But financial institutions are basically barren in this case," he said during a Wacana by Sinar Daily at Karangkraf Media Group headquarters, here

Titled Data & Security: Are We Safe?, other panelists during the one-hour live talk show were Cybersecurity Malaysia Senior Vice President for Strategic Research Division Sazali Sukardi and Chasseur Group CEO Munira Mustaffa.

He voiced out his frustrations over the scams stating: "Why are banks not doing anything to solve this problem? I have met several banking executives and they understand the situation and gave me some good ideas."

Bank Negara had reported that 98,607 cases of online fraud with an estimated loss of RM3.3 billion were reported nationwide from 2017 to last year.

Lembah Pantai MP Fahmi Fadzil said this is a huge sum equivalent to at least RM660 million stolen from almost 20,000 people every year.
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"Banks and Bank Negara can actually do a lot to solve the issue," he said adding that the finance ministry, the law department and the prime minister should take the matter seriously.