Banks successfully stop RM383mil in scam transactions

Banks have implemented five key measures propounded by Bank Negara to combat scams since July 2023.

KUALA LUMPUR: Financial institutions in Malaysia successfully prevented suspicious and fraudulent transactions worth RM383mil from January to December 2023, says the Association of Banks in Malaysia.

Datuk John Chong, chairman of the Industry Task Force on Measures to Combat Financial Scams, said the achievement by 15 banks in Malaysia underscored their unwavering commitment to robust fraud-prevention measures.