We can build 29 hospitals with RM4.17 billion lost to scams - Expert

Scams are destructive to the economy of the people and the country.

Farhana Abd Kadir
Farhana Abd Kadir
06 Feb 2024 12:45pm
Photo for illustration purpose only. - Photo generated via Canva
Photo for illustration purpose only. - Photo generated via Canva
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SHAH ALAM - The total loss of RM4.17 billion due to online scams can boost the national economy including building 29 hospitals if the government succeeds in curbing the activity.

Consumer Finance Expert Professor Dr Mohamad Fazli Sabri said the scam activity was destructive to the economy of the people and the country which sees the victims lose millions of ringgit every year thus costing the government.

"This money can be used to build 29 hospitals at a cost of RM140 million each in addition to building other health facilities.

"With the sum of RM4.1 billion, we can also build 136 schools with a construction cost of RM30 million for one school.

"Criminal activities involving online fraud will disrupt the economic ecosystem because investors or the country will not get any benefits," he told Sinar.

Since 2019, online scams recorded a total of 125,387 cases with a total losses suffered by victims amounting to more than RM4.17 billion.

Commenting further, Fazli said the crime often targets the B40 and M40 groups, causing them to bear the financial burden of being victims of fraud.

He said the government and policymakers need to work together to legislate consumer-related laws better to stop the problem from continuing to harm the country and the people.

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He added that by implementing an awareness campaign through social media platforms, it was able to increase public awareness of online fraud crimes.

"Bank Negara Malaysia, Securities Commission Malaysia and the police should always update the list of blacklisted companies on each of their websites.

"All levels of society need to play a role in helping to raise awareness about this problem," he said.

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