By Tan Sri Lee Lam Thye, Alliance For A Safe Community Chairman
KOTA KINABALU: It has been reported that Malaysia has lost some RM9 billion to scams over the past decade, with over 200,000 online scam cases.
This alarming trend underscores the urgent need for collective action to combat the growing threat of cybercrime and protect the public from financial and emotional harm.
The scale of these losses reflects the sophistication and persistence of scammers, who continue to exploit vulnerabilities in technology, public awareness, and enforcement mechanisms.
As online scams become more prevalent, it is imperative that all stakeholders—government agencies, financial institutions, technology companies, and the public—work together to address this issue before it worsens.
What Needs to Be Done:
Strengthen Enforcement and Legislation:
Enhance the capabilities of law enforcement agencies to investigate and prosecute online scams. This includes providing specialised training, advanced tools, and resources to track and dismantle scam networks.
– Update and enforce stricter laws to deter scammers, with harsher penalties for those involved in fraudulent activities.
Public Awareness and Education:
– Launch nationwide campaigns to educate the public about common scam tactics, such as phishing, fake investment schemes, and impersonation scams.
– Encourage individuals to verify the authenticity of online transactions and avoid sharing personal or financial information with unverified parties.
Collaboration with Financial Institutions:
– Banks and financial platforms should implement stronger security measures, such as multi-factor authentication and real-time fraud detection systems, to prevent unauthorised transactions.
– Establish faster response mechanisms to freeze suspicious accounts and recover stolen funds.
Leverage Technology:
– Develop and deploy advanced technologies, such as artificial intelligence and machine learning, to identify and block scam activities in real time.
– Encourage the use of secure payment platforms and digital wallets with built-in fraud prevention features.
International Cooperation:
– Collaborate with international law enforcement agencies and cybersecurity organisations to tackle cross-border scam operations.
– Share intelligence and best practices to stay ahead of evolving scam tactics.
Support for Victims:
– Provide counselling and financial recovery assistance to scam victims to help them rebuild their lives.
– Establish a dedicated hotline or online portal for reporting scams and seeking help.
The fight against online scams requires a proactive and multi-faceted approach.
By addressing the root causes of this issue and empowering individuals with the knowledge and tools to protect themselves, we can reduce the prevalence of scams and safeguard Malaysia’s digital economy.
Let us act now to prevent further losses and ensure a safer online environment for all.
