KUALA LUMPUR: The use of artificial intelligence by the National Fraud Portal (NFP) has helped authorities track stolen funds 75% faster, says Deputy Finance Minister Lim Hui Ying
"NFP has succeeded in reducing the time to track funds by 75% to 30 mins which has led to an increase in 28% of such accounting being frozen," she said during minister's question time in the Dewan Rakyat on Tuesday (Oct 22).
She added that NFP has also increased the ability of financial institutions to identify mule accounts by 14%.
Chiew Choon Man (PH-Miri) had asked about the measures taken by Bank Negara to enhance security against fraud and policies for returning funds from invalid transactions.
The NFP has equipped the National Scam Response Centre (NSRC) operations with comprehensive end-to-end automation capabilities to manage fraud reports, verify and track stolen funds, and enable early warning among financial institutions for a rapid response, she said.
She said that the trend of phishing and malware fraud cases reported to NSRC has also shown a declining trend.
Finance Minister II Datuk Seri Amir Hamzah Azizan had launched the NFP on Aug 20.
The NFP also facilitates industry-wide information sharing, allowing financial institutions to exchange data and intelligence on fraud in real time.
Meanwhile, Lim said that there are still no plans to increase NSRC operation time to 24 hours.
"There have been many requests to increase the operation time," she said.
However, she said that victims can also call bank hotlines when faced with scam threats.
Currently, the NSRC only operates from 8am to 8pm daily.
