KUALA LUMPUR: The latest efforts by Bank Negara Malaysia and the police in fighting financial crime have been long awaited, says Tan Sri Lee Lam Thye.
The Alliance for Safe Community chairman said such efforts are needed as scammers have been exploiting new technologies to enable them to commit cybercrime.
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"It appears to me that the scammers seem a step ahead of the authorities.
"However, this latest initiative is a move in the right direction in putting law enforcement agencies ahead of the criminals," he said when contacted on Tuesday (Sept 27).
Lee called on the authorities to come up with more innovative ways and initiatives to ensure they are always a step ahead of wrongdoers.
"That is the best way to protect the public.
"Cybercrime has a very serious impact as we hear about scams claiming many victims every day," he added.
Intensive and sustainable educational programmes were also needed to increase awareness of scams, Lee said.
"So many people have been scammed. It is important to equip the public with the necessary knowledge to prevent them from falling victim," he said.
"Bank Negara seeking cooperation from banks and other financial institutions to implement tighter measures to fight cybercriminals is a step in the right direction," he said.
It was reported that Bank Negara had directed the banking industry to implement tighter security controls.
Bank Negara, together with the police, Malaysian Communications and Multimedia Commission and National Anti-Financial Crime Centre, will work together to further elevate the Commercial Crime Investigation Department’s Scam Response Centre into a more systematic information-sharing platform that would enable speedy action in cybercrime cases.
Bank Negara governor Tan Sri Nor Shamsiah Mohd Yunus and Inspector-General of Police Tan Sri Acryl Sani Abdullah Sani launched the virtual Financial Crime Exhibition to educate the public about financial scams.
It can be viewed at bit.ly/bnm_crime.