KUALA LUMPUR: Several prompt measures must be taken, including strengthening enforcement and legislation, as well as leveraging technology to curb online scams, says Tan Sri Lee Lam Thye.
The Alliance for a Safe Community chairman said it is imperative that all stakeholders from government agencies, financial institutions, technology companies and the public to work together to address the issue before it worsens.
"The government should focus on enhancing the capabilities of law enforcement agencies to investigate and prosecute online scams.
"This includes providing specialised training, advanced tools and resources to track and dismantle scam networks.
"There is also a need to update and enforce stricter laws to deter scammers with harsher penalties for those involved in fraudulent activities," he said when contacted on Monday (March 24).
He was commenting on The Star's report, highlighting over 200,000 online scam cases involving RM9bil in losses, over the last 10 years.
"More awareness campaigns are also needed to educate the public about common scam tactics such as phishing, fake investment schemes and impersonation scams.
"Such campaigns should also encourage the people to check the authenticity of online transactions and avoid sharing personal or financial information with unverified parties," he added.
Lee also called on banks and financial platforms to implement stronger security measures such as multi-factor authentication and real-time fraud detection systems to prevent unauthorised transactions.
"They should establish faster response mechanisms to freeze suspicious accounts and recover stolen funds," he said.
Law enforcement agencies should also use advanced technologies such as artificial intelligence to identify and block scam activities in real-time, Lee added.
"The use of secure payment platforms and digital wallets with built-in fraud prevention features must be stepped up.
"In addition, law enforcement agencies should collaborate with their international counterparts and cybersecurity organisations to tackle cross-border scam operations.
"Sharing intelligence and best practices are vital to stay ahead of evolving scam tactics," he said.
Lee said counselling and financial recovery assistance should also be provided to scam victims to help them rebuild their lives.
"The fight against online scams requires a proactive and multi-faceted approach.
"By addressing the root causes and empowering individuals with the knowledge and tools to protect themselves, we can reduce the prevalence of scams and safeguard Malaysia's digital economy," he said.
