‘Digital insurance could redress fraud cases’

PETALING JAYA: While criminalising the use of mule accounts to facilitate scams is laudable, more can be done to help victims who have already lost money, says a cybersecurity and law expert.

Malaysian Communications and Multimedia Commission (MCMC) member Derek Fernandez said financial institutions should introduce a mandatory 48-hour buffer period for new fund transfers for a certain amount and a “digital insurance” in place to compensate victims of fraud.