Using algorithms to check fraud

New way: In addition to developing algorithms to trace money that could have ended up in the hands of fraudsters, the NFP will be able to forecast the pattern of mule accounts. — AZLINA ABDULLAH/The Star

PETALING JAYA: The National Fraud Portal (NFP) will be able to predict the pattern of mule accounts as well as create algorithms to track funds that may have fallen into the hands of scammers, says Bank Negara governor Datuk Abdul Rasheed Ghaffour.

Bank Negara, he said, had decided to put more effort into curbing fraud, especially online financial fraud, as the perpetrators were not only “getting smarter by the hour” but also more sophisticated in their use of new technologies.